PEPE token price is on the rise! Despite multiple warnings by the top analysts of the markets, the market participants are currently flying with the PEPE coin mania, as the trading volume is the 3rd largest with more than $2 billion after Bitcoin and Ethereum. Although the price has dropped from the intraday high, it appears to be under bullish influence and could trigger a rebound in no time.
Besides, Tesla and Twitter CEO Elon Musk, who is a proponent of meme-coins like Dogecoin, Shiba Inu, Floki, etc., remains silent on the ongoing PEPE price rally. Mr. Musk has always elevated the price heavily whenever he has mentioned any of the tokens; the price has surged gigantically. Hence, a mention from the Twitter CEO may eventually lift the PEPE price within the top 20 very soon.
On the other hand, tough competition between memes like Floki and PEPE is going on as both tokens were listed on Binance, which elevated both prices by a huge margin. However, the PEPE price is undergoing significant bearish pressure, which may intensify very soon.
The PEPE price soared finely during the previous trading day and is presently testing the lower support region of the Bollinger Bands. As the bearish volume has accumulated and the RSI is constantly plunging down, the price may also break down below the lower support and trigger a fine rebound.
Currently, PEPE is only a couple of billion away from the SHIB market cap, which is around $5.8 billion. A big blow to the meme-coin market cap may be when Elon Musk jumps in support similar to FLOKI’s price which surged by 300% previously.