Pepe (PEPE) price, a popular meme coin, has recently experienced a significant rise in its market value. Currently, the price of Pepe remains steady above the critical support level. Signs are pointing toward an imminent bullish trend for Pepe as onchain data shows an uptrend. PEPE is recognized for its potential and is poised for considerable growth in Q4 2024 amid a surge in memecoins.
Pepe Price Soars Amidst Broader Market Rally
Following the recent U.S. Federal Open Market Committee (FOMC) meeting, the financial landscape has shifted significantly. The decision to reduce interest rates by 50 basis points has catalyzed a substantial rise in the broader market. Bitcoin has climbed past the $62,000 mark.
Ethereum also shows strong upward momentum, now trading above $2,400. This positive trend extends to various top meme coins, Dogecoin and Shiba Inu, which have risen by 4% and 7%, respectively. WIF has increased by 12%, Floki by 8%, and Bonk by 6%. Remarkably, Popcat price has surged by 29%, highlighting a vibrant market response.
The Pepe price saw a notable increase, indicating an ascending trend. At the reporting time, the PEPE price hovered at $0.057847 during the European trading session, making a strong surge of 8.56%. According to CoinMarketCap data, the trading volume also spiked significantly to $769.32 million, up 53.64%, indicating heightened investor interest and market activity.
Can Pepe Price Reach $0.00001 Amid Market Rally?
Pepe price has recently flipped the $0.000008 hurdle into a support level. This move was accompanied by the Relative Strength Index (RSI) climbing above the midline, indicating a presence of bullish momentum. The Chaikin Money Flow (CMF) also shows a positive reading of 0.14, suggesting inflows of trading volume and possibly supporting the recent price uptick.
Investors can expect PEPE to trigger a 30% rally to $0.000010 if this bullish momentum continues.
Pepe Price Chart| Source: TreadingView
The PEPE has experienced a notable increase in value. This surge coincides with a significant rise in whale transactions, each exceeding $100,000 USD. The santiment data suggests that larger market players are increasingly active, fueling bullish market trends.
According to Santiment, the transaction volume for PEPE has dropped in recent weeks. With the recent uptick in Pepe price , investors should see an increase in this metric. If successful, it would suggest the rally will be long-lived.
Source- Santiment
According to Coinglass data, the trading volume in the cryptocurrency markets has seen a substantial surge, increasing by 67% to $614.57 million. In addition, open interest, which indicates the total number of outstanding derivative contracts, also rose by 18% to reach $90.78 million. This significant uptick in market activity suggests growing investor interest.
Source- Coinglass
The current Pepe resistance stands at $0.0000078. If it breaks this threshold, projections suggest a potential climb to $0.000008. Further momentum might even push its value to $0.00001 during an ensuing market upturn. This would represent a 31% increase. Additionally, positive trends in other digital currencies could potentially escalate Pepe’s price to $0.000015 in the next bullish wave.
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