Pepe Coin has surged by 15% in the past 24 hours, reaching $0.00000124, making it the top-performing meme token in the market. However, despite this gain, PEPE has experienced a 1.5% drop in the last 7 days and a 15% decrease in the last 30 days. Altcoin has lost 71% of its value since reaching its all-time high of $0.00000431 in early May.
Rising Momentum in PEPE!
Today’s rally in PEPE could be seen as a delayed upward correction for the coin, which continues to be a plaything for whales and other major investors and may potentially see further gains before inevitably experiencing another dip.
The recent rally in PEPE, after a consistent decline over the past two or three weeks, may indicate that its technical indicators are starting to show momentum. PEPE’s relative strength index (RSI) has risen from around 30 yesterday to just above 60 today. This rise in momentum leaves room for further upward movement before RSI reaches the overbought territory of 70, without the cryptocurrency being excessively bought.
The Future of PEPE Coin!
Similarly, the cryptocurrency’s 30-day moving average had reached a bottom compared to its 200-day average. However, it has now started to turn upwards and appears to have the potential to rise until the longer term. There is a strong argument that PEPE has been oversold for a long time, undervalued, and potentially experiencing a significant rally that may have just begun.
However, according to experts, even before its technical indicators reach ‘overbought’ positions, it could experience a steep drop. One of the main reasons for PEPE’s wild price fluctuations in recent months is that it has been treated as a tool for short-term gains by whales, meaning larger investors tend to sell it immediately after buying.
