Pepe Coin Sees Significant Price Surge

Pepe Coin Witnesses Notable Price Surge

Ethereum-based memecoin Pepe (PEPE) has experienced a significant price surge, reaching an all-time high amidst remarkable market activity. Within the past 24 hours, PEPE's value has climbed by 24.65% to $0.00001383, propelling its market capitalization to $5.82 billion and securing its position as the 21st largest cryptocurrency. This upward momentum has shifted investor attention from established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) towards PEPE.

PEPE Gains Traction

In conjunction with its price increase, PEPE's trading volume has also witnessed a substantial surge, rising by 89.75% to $4.43 billion. This volume represents an impressive 76.14% of its market cap. Notably, PEPE's circulating supply remains constant at its maximum and total supply of 420.69 trillion units, reflecting strong market sentiment towards the altcoin's sustained growth.

This week, PEPE has exhibited a pronounced upward trend fueled by bullish momentum. Over the past week, its price has risen by more than 20%, while on a monthly basis, the increase has exceeded 120%, indicating a consistent upward trajectory. This trend suggests robust trading activity and growing demand for the Ethereum-based asset.

Technical Indicators Signal Bullish Trend

According to data from CoinGlass, PEPE's Open Interest (OI) has witnessed a significant increase over the last 24 hours, drawing considerable attention. This increase, representing the aggregate value of all PEPE futures contracts on cryptocurrency exchanges, signifies growing investor confidence. The emergence of a substantial number of long positions further supports the bullish trend. Speculations surrounding the potential approval of at least one spot Ethereum ETF in the US have served as the primary catalyst for this surge.

For the PEPE/USD chart, various technical indicators reveal bullish momentum. The Awesome Oscillator (AO) displays a bullish signal with green bars in recent sessions. The Moving Average Convergence Divergence (MACD) indicator indicates a positive trend, with the MACD line remaining above the signal line, suggesting potential upward movement. The Relative Strength Index (RSI) stands at 75.67, indicating that PEPE is currently overbought and hinting at a potential price correction. The Average Directional Index (ADX) is at 34.50, signifying a relatively strong trend.

In summary, PEPE has experienced significant price and market activity increases driven by bullish momentum and investor confidence. The altcoin may realize potential gains by breaching critical resistance levels, though the RSI suggests a potential price correction. Amidst positive broader market sentiment fueled by speculations surrounding spot Ethereum ETFs, PEPE is anticipated to maintain its upward trajectory towards potential targets of $0.00003 and $0.00005 if the bullish momentum persists.

The news was initially published on COINTURK NEWS: Pepe Coin Sees Significant Price Surge