Memecoins
Pepe Coin (PEPE) aims for new highs as Memecoins prepares for breakthrough
Get ready, crypto lovers, because memecoins are making a comeback unlike anything we’ve seen before! Forget the recent market meltdown – memecoins are in great shape, seeing massive gains over the past 24 hours. While Bitcoin and its big friends are down, hitting new monthly lows, memecoins are thriving.
What is driving this sudden surge? And could this be a sign of things to come? Keep reading to find out!
Pepe Coin leads the charge
At the forefront of this memecoin surge is Pepe Coin (PEPE), whose price saw a significant 15% increase over the past week and an 11% jump over the past 24 hours. Currently, PEPE is trading at around $0.00001185emerging from a period of stagnation in trade.
Popular crypto analyst Decilizer recently highlighted PEPE’s bullish outlook in a tweet. He suggested that if Bitcoin maintains its bullish momentum, PEPE could see significant gains or even lose a zero from its current price.
Bullish Patterns and Indicators
The PEPE has been in a corrective phase for about a month after its previous historic record. The recent price correction has formed a downward wedge pattern over the past month, often seen as a bullish sign indicating a possible breakout higher.
If this breakout occurs, PEPE price could increase by 96%, reaching a new all-time high of $0.00002096.
PEPE technical analysis
Analysis of the evolution of PEPE prices reveals promising signs. The coin recently broke above its 50-day simple moving average (SMA), generally considered a bullish signal. Meanwhile, PEPE’s 24-hour trading volume jumped 105%, indicating a notable increase in investor interest.
Currently, PEPE’s Relative Strength Index (RSI) sits at 48 and is trending upward. It also broke above its moving average on the daily time frame, suggesting a potential setup for further upward movement.
More Memecoins Join the Rally
Pepe is not the only memecoin to post gains in a generally bearish market. Several other meme-inspired cryptocurrencies have also seen impressive gains over the past 24 hours.
Solana-based Dogwifhat (WIF), which gained attention earlier in 2024 by reaching a market cap of $4 billion, joined the rally, posting a 23% rise in one day. Meanwhile, Popcat (POPCAT) saw a remarkable 50% increase, highlighting its growing popularity among traders.
Similarly, Mog Coin (MOG) saw its price increase by 39%, further highlighting the current trend of meme coins outperforming the broader crypto market.
Considering jumping on the memecoin bandwagon? Tell us which one has your eye!