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February 27, 2024
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Pepe Coin Hype is Back as Bulls Dominate With 35% Rally! Is it a Bull Trap?

The post Pepe Coin Hype is Back as Bulls Dominate With 35% Rally! Is it a Bull Trap? appeared first on Coinpedia Fintech News

In the volatile crypto market, the unexpected often becomes the norm. The Pepe Coin, a frog-based meme coin that had been hibernating in the shadows, has suddenly roared back to life. This has not just stirred from its slumber; it has leaped into the spotlight with a remarkable 35% rally in a day. This unexpected surge has ignited a wave of excitement among crypto enthusiasts and awakened investors who had shelved their hopes for a bullish rally. The bullish rally has underscored Pepe Coin’s worth and dominance, proving that every coin holds the potential for a stunning comeback.

New Holders Join PEPE Market

The crypto market is experiencing a 6% growth, driven by Bitcoin’s increasing adoption and BlackRock’s Bitcoin ETF application. Altcoins and meme coins are also booming. Pepe, a top performer, has surged nearly 35%, with investors optimistic about it reaching a $1 billion market cap again.

The rise in Pepe’s price is due to more crypto investors joining the PEPE ecosystem. Etherscan data reveals a growing number of token holders, now exceeding 120K. Pepe Coin has witnessed a substantial increase in its trading volume, hitting a noteworthy $944 million in a mere 24-hour timeframe. This spike has led to an extraordinary 35% growth in the value of Pepe Coin (PEPE) in the last 24 hours.

The value of Pepe has soared in response to the growing enthusiasm in the cryptocurrency sector. The crypto fear and greed index has climbed to a level of 60, indicating a shift towards greed as most cryptocurrencies have experienced an upswing. Bitcoin has successfully breached the significant resistance mark of $30,000, pushing major altcoins to the North.

However, the recent spike in Pepe coin’s price, driven by the Fear of Missing Out (FOMO), could potentially be a bull trap, which may soon lead to a significant loss for holders.

What’s Next For Pepe Price?

Pepe’s upward trend started on June 15 after hitting a 7-week low of $0.00000082. Despite the initial bullish response, the rally didn’t pick up until five days later. While the recovery was aided by Bitcoin’s rally, Pepe couldn’t match Bitcoin’s surge due to dwindling trade volume.

However, on June 20, Pepe capitalized on Bitcoin’s price rise, breaking the $0.0000010 mark. With a 24-hour trade volume exceeding $944 million, investor interest seems to be reviving.

At the time of writing, PEPE is trading at $0.0000015, marking a 35% surge in the past 24 hours. Bulls are currently attempting to push the price beyond $0.0000016, despite recent resistance.

If PEPE maintains its momentum above the $0.00000165 resistance, it could trigger increased buying pressure, moving the RSI into a more bullish zone. A breakthrough above $0.00000176 could spark another significant rally towards a new peak.

Conversely, a drop below the immediate support of $0.00000122 could signal a downfall, leading to a sharp decline due to heavy selling.

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