Pepe price holds 200 EMA, traders expects more gains

Pepe Price Surges amid Positive Crypto Sentiment

The $PEPE token experienced a 25% surge, rising to $0.0000095, marking the second consecutive day of gains. This recovery mirrored that of other meme coins such as Dogwifhat (WIF) and Dogecoin (DOGE).

Bitcoin's Influence

Pepe's rally was primarily driven by the performance of Bitcoin, which surpassed $59,000 on Thursday. Investors had purchased the dip following Bitcoin's decline to $53,700 the previous week.

High Volume and Bullish Indicators

Pepe's rise was accompanied by a high volume of trading, indicating sustained demand. Data revealed an average three-day volume exceeding $1.16 billion, surpassing previous levels. This surge coincided with a rise in the crypto fear and greed index to 40, suggesting potential movement towards neutrality.

Positive Inflation Data and Technical Analysis

The token's gains aligned with positive inflation data from the US, which indicated a potential interest rate cut by the Federal Reserve. Additionally, traders identified strong support for Pepe at the 200-day Exponential Moving Average (EMA). This support level has been tested twice this month, demonstrating bearish hesitation.

Ethereum ETF Approval Potential

Analysts predicted that the potential approval of a spot Ethereum ETF could spark further gains for Pepe. The Securities and Exchange Commission (SEC) is expected to review these funds within the month.

Whale Accumulation

Data indicated the purchase of 126.5 billion PEPE tokens worth $1.5 million by a whale, suggesting optimism among large investors. Whales also hold significant amounts of Ethereum (ETH) and zkSync (ZK) in addition to Pepe.