HomeCryptoPEPE Price Rising Analysis: Why Did the Frog Jump Above Its ATH?

PEPE Price Rising Analysis: Why Did the Frog Jump Above Its ATH?

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The PEPE memecoin has given a lot to talk about in the last few hours and at the time of writing it is trading at 0.0000108, with daily gains of 6.8% and weekly gains of 35%.

It’s not just a bullish day: the cryptocurrency reached a new all-time high at $0.00001111. Thus, the frog took a big leap by also achieving impressive monthly profits of 101%.

Why is PEPE rising while much of the crypto market continues to fall? What are the motivations behind surpassing large market capitalizations like Uniswap? We will analyze all of this throughout this article.

First of all, the media related this PEPE rally to the return to social networks of the popular trader “Roaring Kitty”, who popularized his name in 2021 in the famous “GameStop short” case.

Precisely, one of his tweets showed a scene from the movie “Gangs of New York” with the characters’ skin turning green, which apparently alluded to PEPE.

Since then, memecoin rose 5.5% in just minutes.

However, This could only be a catalyst for a context that had been developing for weeks, in which there has been a large accumulation by whales. Although it was not until the last day when the trading volume of this cryptocurrency shot up 300%, reaching $2.6 billion.

Other analyzes point to a trend among experienced investors and show that addresses related to accounts of large operators have been buying PEPE.

Thus, the number of active wallets hosting PEPE increased by 78% in recent days, simultaneously increasing the transaction volume of this cryptocurrency.

Analysis of PEPE charts: disdaining its rise

The first thing we see about PEPE price is that it experienced a huge rally once it crossed the $0.000009 level, a major resistance whose break sent it to high levels.

PEPE price analysis in the middle of its new ATH. Fountain: TradingView.

The state of the EMAs confirms the bullish strength experienced by the token, while the Relative Strength Index is close to overbought.

It is worth mentioning that, in said upward trend line, the price could even surpass the all-time high again if it remains above $0.00001 in the coming days, with objectives between $0.000012 and $0.000014.

On the other hand, in case the bears take control momentarily, $0.000010 is a good resistance level or the 20 EMA. Later, $0.0000095 or the 50 EMA, where a strong accumulation also culminated.

Finally, let’s talk about $0.0000082 and the $0.0000070 levels that serve as strong floors.

Although some analysts are of the opinion that even lower levels are still bullish for PEPE and could form the “cup with handle” pattern on a 3-month chart.

The memecoin market on the decline

As the price of PEPE rose, we saw mixed feelings in the memecoin market with most cryptomemes reporting daily losses.

However, Bitcoin’s current levels may become conducive for memecoins if it continues to stay above $60,000 and its volatility decreases. Which would mean that, in fact, the bulls are well positioned to defend the current levels.

By the way, one of the meme cryptocurrencies that rose the most in the last day was DEXTools. This currency belongs to the Solana network and in The last day showed increases of up to 550%. This increase is also related to the return of “Roaring Kitty.”

However, despite the current PEPE rally, the market capitalization of memecoins decreased by 1.26% in the last 24 hours, while the trading volume increased by 37%.

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