PEPE up 34% in market rebound.
The cryptocurrency Pepecoin (PEPE), known for its memes, has increased by 34.23% in the past day as the overall crypto market continues to recover thanks to Bitcoin’s rise. According to CoinMarketCap data, PEPE has outperformed other cryptocurrencies like Conflux (CFX) and Stacks (STX) to become the highest gainer of the day. PEPE’s price started the week slowly but has since gained momentum, hitting a resistance level of 0.00000107 on June 20 and trading as high as $0.00000154 today, its highest value in a month. Its daily trading volume has increased by 253.38% to $694 million. However, PEPE’s market capitalization is at $579 million, making it the third largest meme coin in the market.
Could PEPE’s Market Struggles Be Over?
PEPE made a splash in the crypto world when it launched in April, surging by over 2,000% to become the “undisputed king of the meme season.” However, it fell by 78% off its all-time high value of 0.00000435 in May. Today’s surge in the market suggests that PEPE may be on its way back up, but it is still too early to tell. Technical analysis shows that the token has just left the overbought zone and a bearish trend may be on the horizon. The token is currently hovering around the resistance level of 0.00000146, and if it manages to break through this threshold, it could continue its bullish course. If not, it may confirm the initial bearish prediction.
In addition to PEPE, the crypto market as a whole is on an uptrend, with the total market cap increasing by 3.5% in the past day. Bitcoin (BTC) is up by 3.2%, Ethereum (ETH) by 3.0%, and other assets like Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) have also seen gains.
