- PEPE crypto price surged 43.26% in the last seven days’ session.
- Moving averages show strong bullish signals, while the oscillators are bearish at the current phase.
- Pepe created a new all-time high mark of $0.00001535 on May 24, 2024.
Pepe (PEPE) is an open-source cryptocurrency, a memecoin, which was launched on the Ethereum blockchain. The project aims to capitalize on the popularity of memecoins and establish itself as one of the top meme cryptocurrencies.
On the other hand, PEPE crypto has gained much appreciation from memecoin lovers. As the project launched, the investors automatically showed their love for PEPE, which can be seen in the growth of the memecoin.
PEPE Crypto Reflects Over 110% Upsurge in May 2024
Pepe crypto price has shown enormous growth since February 2024. Compared to similar memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE), it is doing great in terms of price performance. The last seven days’ data shows that the PEPE outperformed the global cryptocurrency market and Ethereum ecosystem.
The memecoin price overlapped the bullish correction phase that took place in April 2024. That resulted in a morale boost for investors, which can be seen as a 112.22% growth in the current month. In terms of market cap, Pepe placed itself among the top 20 most dominant cryptocurrencies across the globe.
Price Volatility & Social Dominance Analysis
After April 19, 2024, the rise in social tweets about the Pepe crypto can be seen. That rise also had a positive impact on crypto price growth. Unlike many other cryptocurrencies, social sentiments are essential for the growth of a memecoin.
At present, the social buzz of PEPE crypto covers 1.40% dominance in the world. It has been rising in current sessions, which reflects the increasing interest of people.
Technical Analysis of the Pepe (PEPE/USD)
The bullish outlook lies above the key exponential moving average (EMA). The Pepe price is currently moving above the 50-day EMA, reflecting a solid uptrend. The 50-day EMA can act as a dynamic support for the price.
PEPE price has given a breakout from the $0.00001103 resistance level. The buyers have reflected their strong bullish presence from the $0.00000896 bullish point of interest (POI), which resulted in the breakout. Subsequently, the price surged over 70% and reached an all-time high of $0.00001535.
In the last trading session, the price formed a bearish candle, which can signify a potential retest. As per the current market speculation, the PEPE price reflects a bullish outlook.
The relative strength index (RSI) line is upsloping toward the 70-mark upper band, reflecting bullish momentum. It shows the buyers hold a strong grip over the price in the current session. The RSI is moving at 70.42 above the SMA line.
Summary
The Pepe crypto price has shown a strong bullish rally since mid-April 2024. The memecoin price has given a breakout from the $0.00001103 major resistance level. Afterward, the price created a new all-time high mark of $0.00001535. The price action analysis shows that the current price reflects a bullish outlook.
Technical Levels
When writing, the immediate resistance for PEPE was $0.00001574, while the $0.00001103 was the next support. A short-term rise in price can be seen if it makes past the upper resistance level.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.