Ethereum-based popular memecoin Pepe (PEPE) has recently seen a notable price surge, reaching an all-time high with significant market activity. In the past 24 hours, PEPE’s price rose by 24.65% to $0.00001383, boosting its market cap to $5.82 billion and ranking it 21st among cryptocurrencies. This momentum has shifted investor focus from older memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) to PEPE.
PEPE Gains Momentum
Along with the price, PEPE‘s trading volume also saw a significant jump, increasing by 89.75% to $4.43 billion. This volume represents 76.14% of its market cap. Moreover, PEPE’s circulating supply remains at its total and maximum supply of 420.69 trillion units, reflecting strong market confidence in the altcoin’s ongoing growth.
This week, PEPE showed a notable upward trend driven by strong bullish momentum. Over the past week, PEPE’s price rose by over 20%, and on a monthly basis, the increase exceeded 120%, indicating a continuous upward trend. This trend points to strong trading activity and increased demand for the Ethereum-based asset.
According to data from CoinGlass, PEPE’s Open Interest (OI) saw a significant increase in the last 24 hours, drawing considerable attention. This increase, reflecting the total value of all PEPE futures contracts on cryptocurrency exchanges, indicates growing investor confidence. The emergence of a significant number of long positions signals a bullish trend. The primary trigger for this increase has been speculations regarding the potential approval of at least one spot Ethereum ETF in the US.
Multiple Technical Indicators Signal Bullish Trend
For the PEPE/USD chart, multiple technical indicators reveal bullish momentum. The Awesome Oscillator (AO) shows a bullish signal with green bars in recent sessions. The Moving Average Convergence Divergence (MACD) indicator shows a positive trend with the MACD line staying above the signal line, indicating potential upward movement. The Relative Strength Index (RSI) is at 75.67, indicating that PEPE is currently overbought and suggesting a potential price correction. The Average Directional Index (ADX) is at 34.50, indicating a relatively strong trend.
In summary, PEPE faces significant price and market activity increases due to bullish momentum and investor confidence. The altcoin may achieve potential gains by surpassing critical resistance levels, although the RSI indicates a potential price correction. While broader market sentiment remains positive, fueled by speculations around spot Ethereum ETFs, PEPE is expected to continue its upward trajectory towards potential targets of $0.00003 and $0.00005 if the bullish momentum persists.
