Market
PEPE Breaks Out of Resistance Zone with 20% Gains: Can It Sustain the Momentum?
PEPE, the frog-themed meme cryptocurrency, has recently seen a surge in its value, posting gains of approximately 20% in the past week. The support level of $0.0000011079 on the daily chart served as a turning point for the recent price increases, signaling an effort to enter the buying zone.
Despite previous unsuccessful attempts to surpass the resistance zone of $0.0000015440 between July 19-24, PEPE is now being driven by bullish momentum to make another attempt at breaking above this resistance level.
PEPE in Numbers
The recent 7-day rally suggests a shift in momentum for PEPE towards a more optimistic outlook, as the bulls strive to regain control. On the daily chart, PEPE’s price is currently hovering around $0.000001348.
When examining PEPE’s price data on daily, weekly, and monthly timeframes, it is clear that there is significant price volatility. On August 15, PEPE is trading at $0.000001348, experiencing a 6.03% decrease in price within the last 24 hours and a 17% drop every month.
Despite this, the weekly timeframe presents a more optimistic outlook for PEPE. However, due to the evident volatility, traders should exercise caution as the possibility of further price drops remains.
PEPE has recently experienced a revival in its performance, which can be attributed to significant investments from well-known investors and an increase in social engagement. Data from Lookonchain indicates that there has been a notable uptick in attention from whales toward the PEPE token.
A whale spent 1M $USDC to buy 807B $PEPE at $0.000001239 7 hrs ago after the price of $PEPE increased.https://t.co/P03KsDrzFi pic.twitter.com/0hjW6ewDjp
— Lookonchain (@lookonchain) August 9, 2023
The data shows a whale spent $1 million to acquire 807 billion PEPE tokens at $0.0000012391. The involvement of whales is likely to have a favorable impact on the value of PEPE. Regrettably, the token’s market capitalization experienced a substantial reduction of $707,000 due to this action.
Such rapid and opposing movements may have long-term implications for individual investors. Overall, PEPE has shown resilience and has attracted the attention of investors and traders alike. Its recent performance suggests that it may continue to see gains in the future.
