PEPE Jumps Nearly 10% In 24 Hours, Sparking Speculation Of A New Rally
Pepe (PEPE) may seize the opportunity to rally in the face of an ongoing volatility and price swings in the crypto market. With Bitcoin (BTC) recently dipping below $25,000 before swiftly rebounding to $26,000, the market has been in a state of flux. Such fluctuations often create an environment ripe for alternative cryptocurrencies to make their mark, and PEPE could be poised to do just that.
PEPE’s rally comes at a time when investors are seeking alternative options beyond the dominant cryptocurrencies. While Bitcoin continues to dominate the market, its price movements can have a cascading effect on other digital assets.
That being said, can PEPE capitalize on Bitcoin’s volatility and secure its own rally to attract investors seeking new opportunities in the crypto space?
PEPE Price Recovery Potential
In recent market developments, PEPE has witnessed a notable rally, as reflected in its current price of $0.0000009779 on CoinMarketCap. This surge represents an impressive 8.5% increase within a 24-hour period.
However, it’s important to note that this upward momentum follows a preceding seven-day slump of 7.96%, underscoring the inherent volatility that characterizes the cryptocurrency market.
PEPE showing bullish signs. Source: CoinMarketCap
The price of PEPE has undergone substantial fluctuations since early May, resulting in a significant decline of over 50% in its overall value. This decline has caused a shift in the market structure, signaling a bearish trend as sellers capitalized on shorting opportunities when the support levels at $0.00000162 and $0.00000115 were breached.
PEPE price in the green. Source: CoinMarketCap
Despite the bearish downtrend, recent price activity has hinted at the potential for a new bull run. Notably, the crucial support level at $0.00000094 demonstrated resilience in halting the downward movement.
The ability of the $0.00000094 support level to withstand selling pressure signifies buying interest at this level, indicating a potential for a renewed bullish sentiment in the market.
Bitcoin retakes the $26K territory on the weekend chart: TradingView.com
What PEPE Needs To Sustain Its Rally
As PEPE aims to maintain its rally and build on the recent positive momentum, several crucial milestones need to be achieved. According to a recent PEPE price report, a bullish surge in value would require breaking and closing above the trendline located around the $0.00000100 price zone.
This trendline acts as a significant resistance level that needs to be surpassed for the cryptocurrency to continue its upward trajectory.
Meanwhile, the meme token may be due for a recovery bounce given that PEPE has been aggressively sold off recently. This possibility is made more likely by the fact that PEPE’s 24-hour trading volume has increased from just over $50 million earlier this week to more than $100 million at the time of writing.
Featured image from ArtStation
Source: NewsBTC.com
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