Pepe (PEPE) Skyrockets 62% in Volume, What's Happening?

Pepe (PEPE) Experiences Bullish Momentum

Pepe (PEPE) is surging in value today, with its 24-hour trading volume soaring over 62% to approximately $846 million. This upswing reflects a shift in market sentiment, as bulls regain control after a recent correction.

At the time of writing, Pepe coin trades at $0.000009454, representing a 5.61% increase over the past day. Its market capitalization has also witnessed a 5.59% surge, reaching $3.98 billion. This places Pepe as the 25th largest cryptocurrency by market cap.

However, it's important to note that Pepe has experienced a 21.07% decline in value over the last 30 days. The broader crypto market recently faced a significant downturn, which impacted Pepe's price. Nevertheless, there are indications that the market downtrend may be reversing.

Bullish Signals for Pepe

Despite the recent gains, technical indicators suggest further price appreciation for Pepe. TradingView data indicates that the meme coin is trading above its 200-day Simple Moving Average (SMA), a key support level. This suggests that Pepe's long-term trend remains bullish.

The 200-day SMA often reflects the broader market movement, and despite daily volatility, it highlights that Pepe is currently in an upward trajectory. Additionally, Pepe's Relative Strength Index (RSI) supports this analysis.

Currently, Pepe's RSI stands at 44.9. Generally, an RSI between 40-50 acts as a support zone, indicating a bullish market despite short-term fluctuations. Combined, these technical indicators suggest a sustained bullish run for Pepe token.