Pepe Price Surged Over 80% and is Setting New Highs Every Day

• The PEPE meme coin price has advanced over 80% during the weekly trading session.
• Moving averages suggest a strong bullish signal in the current trading phase.
• The meme coin ranks 6th among cryptos with the highest trading volume.

Pepe (PEPE), a deflationary meme coin launched on Ethereum, was created as a tribute to the Pepe the Frog internet meme. Similar to Shiba Inu (SHIB) and Dogecoin (DOGE), the project aims to capitalize on the popularity of meme coins. 

The current price assessment shows that the PEPE price is performing exceptionally well. The bull run has started and is going on pretty great. Let’s see what’s ahead for investors and memecoin lovers.

The Ongoing Bull Run in the PEPE Crypto: Where is the Price Heading?

The memecoin has gained a tremendous response across the globe since February 2024. Intrigued by the positive results in Feb, the remaining investors, cruisers, and retailers assembled in March 2024. They rallied the Pepe crypto price by over 210% while creating some price imbalances.

Conversely, the sellers spent their time supporting the correction period in April 2024. During the correction phase, the price filled some significant imbalances. Afterward, a strong bullish movement was observed in the price. It has resulted in an over 150% upsurge in the current month.

Price Volatility & Social Dominance Analysis

At the end of February 2024, the social buzz of cryptocurrency hiked nearly 2% worldwide. That instant hike influenced meme coin lovers worldwide, resulting in positive price growth. 

Social sentiments have highly influenced the PEPE memecoin. On the other hand, Social dominance and the price are rising in the current session, reflecting the increasing interest of buyers.

Technical Analysis of the Pepe (PEPE/USD) Price

The bullish outlook lies above the key exponential moving average (EMA). Currently, the price is moving above the 50-day EMA, indicating a strong uptrend. This EMA can act as a dynamic support for the price when needed.

The PEPE price has given a breakout from the $0.00001103 resistance level. It reflected an almost 54% bullish rally to the $0.00001716 level. 

The buyers are consistently pushing the price in the current phase. Regarding the technicals, the memecoin price reflects a strong bullish outlook.

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Furthermore, the relative strength index (RSI) shows bullish momentum in the current phase. It indicates the buyers have a firm grip over the current market price compared to their counterparts. The RSI is moving at 77.63 above the SMA line.

Summary

The PEPE memecoin price has shown significant bullish strength since mid-April 2024. This cryptocurrency has reflected over 220% bullish rally since then. The buyers are surging the price to its peak, reflecting an ongoing bull run. The ongoing trading sessions indicate a bullish outlook based on the market technicals.

Technical Levels

The immediate resistance for PEPE was $0.00001716, while the $0.00000896 was the next support. At present, the price may continue to surge above the upper resistance. However, a drop below the mentioned support can lead to a price pullback to lower levels.

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.