- Pepe is charting an ambitious price trend amid a broader market onslaught.
- The memecoin is nursing the possibilities of a bullish run as signaled by a major on-chain analysts.
The frog-themed memecoin, Pepe (PEPE) built on the Ethereum (ETH) platform, experienced a 1.44% increase in its value in Monday’s trading session as the overall crypto market fell.
While this percentage increase might seem relatively small compared to the eye-popping gains and losses often seen in the crypto market, it does indicate some underlying factors at play.
Performance of Pepe (PEPE)
Recent data from Marketcap revealed that the PEPE gained 1.44% in the last 24 hours, reaching $0.0000006861. This gain is particularly noteworthy because it occurred in a market where most cryptocurrencies were experiencing declines. Bitcoin, for instance, had dropped by over 2% within the past 24 hours, trading near $26,000.
PEPE’s trading volume also saw a significant surge, rising by more than 55% in the past 24 hours, which raises the question of whether investor interest in this frog-themed memecoin is on the rise.
In the last 24 hours, over $65 million worth of the tokens were traded, marking a substantial increase in trading volume for the asset. Despite this minor uptick, the price of PEPE remains relatively stable, though it has steadily declined from its mid-July peak of $0.00000188.
PEPE currently finds itself trading within a narrow range below its daily Moving Average 50 (MA 50) at $0.00000089. Additionally, the daily Relative Strength Index (RSI) indicates that it remains below the neutral 50 mark, suggesting that the consolidation phase might persist before a significant move occurs.
Is This the Start of a Crypto Comeback?
While a 1.44% increase in price is certainly noteworthy, it’s important to keep in mind that On-chain indicators do not paint a particularly bullish picture for PEPE.
The “Asset Activity Matrix” Santiment indicator model, designed to provide insights into on-chain and social activity, reveals that tokens like PEPE are classified as “cold assets.” In the past 90 days, these tokens have exhibited unusually low levels of activity.
However, Altcoin Sherpa, a crypto expert, says that PEPE is ready for an upside breakout in the long term. Sherpa highlighted in a recent report that he expects PEPE to experience more positive momentum in the coming weeks. This prediction came after the memecoin managed to break through a key resistance level, indicating a shift in its price dynamics.
Despite this prediction, Sherpa himself acknowledged the unexpected nature of this PEPE price surge. He highlighted that the memecoin’s volume profile had shown three significant resistance areas, with the first one already being breached. According to Sherpa’s chart analysis, the next resistance level appears to lie within the price range of $0.00000078 to $0.000000820.
Whether this recent uptick in Pepe’s price signifies the start of a sustained comeback for the cryptocurrency remains uncertain. However, the memecoin has had its moment in the past despite caution from experts. PEPE experienced a parabolic price increase in June, prompting many investors to grab a piece of the pie.
