cryptocurrency markets are entering an early bull run phase and prices are stabilizing before potential volatility. In the midst of this market trend, one cryptocurrency has gained a lot of attention. This entity is PEPE. With an impressive rise of 1300, PEPE is poised to hit new all-time highs soon for these top reasons.
Key Factors Behind the PEPE Surge
PEPE, broke out from other meme coins such as Dogecoin and Shiba Inu, breaking past previous resistance levels. Meme coin has experienced a significant 1300% increase in price in the past year. Despite this, it struggled to maintain its momentum above $0.0000080.
Recently, the total supply of PEPE token has decreased from 180.7 trillion to 178.7 trillion. Supply and demand dynamics cryptocurrency greatly affects unit performance. Therefore, this reduction could potentially contribute to a price increase.
Another notable factor is the “meme coin age”, a metric that shows the average time since the PEPE coin’s last movement. During this month, the meme coin age has increased continuously. This shows that more investors are holding on to their tokens rather than selling them.
Meanwhile, the increasing meme coin age reflects growing investor confidence in PEPE coin’s long-term prospects. Currently, PEPE coin is in a consolidation phase, maintaining the balance between token supply and demand.
Bullish Momentum Points to Potential Upside
In a recent tweet post, Crypto analyst Bear Girl Crypto noted that the 20-day Exponential Moving Average (EMA) is trending upwards at $0.0000079. According to the analysis, if this bullish momentum continues near the EMA20 level, there are chances of the price surpassing the $0.00001 mark there is.
$PEPE Pepe price analysis
The 20-day EMA is trending bullishly at $0.0000079, while the Relative Strength Index (RSI) is hovering above the neutral zone, indicating that market momentum may be tilted towards the bulls. If buyers are able to sustain this momentum near the EMA20…
— Bear Girl Crypto (@BearGirlCrypto) March 27, 2024
Such a move could push the PEPE pair towards key resistance levels at $0.000014 and potentially even $0.000017. Additionally, the Relative Strength Index (RSI) is above the neutral zone. This shows that it is a favorable environment for buyers.
Currently, Pepe coin is valued at $0.000008, marking a 1.35% decline in its price. It recorded a trading volume of $613,587,365 in the last 24 hours.
