Meme season sensation Pepecoin (PEPE) has gained by 34.23% in the last day as the crypto market maintains its Bitcoin-fuelled recovery.
According to data from CoinMarketCap, PEPE’s impressive price movement has allowed the token to emerge as the top gainer of the day, outperforming the likes of Conflux (CFX) and Stacks (STX) who have held the headlines in recent days.
PEPE initially began the week slowly, showing no significant price movement on Monday, June 19, as it hovered around the price region of $0.000000922. Thereafter, the meme token recorded a slight price gain before hitting a resistance level at 0.00000107 on June 20.
Following some sideways movements, PEPE resumed its bullish course to trade as high as $0.00000154 today for the first time since last month. In the last two days, the PEPE has jumped by over 61% in market price.
At the time of writing, Pepecoin is trading at $0.00000148, gaining by 3.54% in the last hour based on CoinMarketCap data. The token’s daily trading volume is also up by 253.38%, sitting at $694 million.
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That said, PEPE’s market cap drifts around $579 million, allowing it to retain its position as the 3rd largest meme coin in the market.
Could PEPE’s Market Struggles Be Over?
Following its launch in April, PEPE took the crypto world by storm, surging by over 2,000% to become the “undisputed king of the meme season.” However, PEPE soon fell from its sturdy heights sliding by 78% off its all-time high value – 0.00000435 – attained in May. After its market surge today, it appears that PEPE may be on its way back up to this level. Although it is still too early to tell.
Based on PEPE’s 1-hour chart, its Relative Strength Index (RSI) shows the token has just left the overbought zone, indicating the bullish momentum may be over and a bearish trend lies on the horizon.
Furthermore, the Moving Average Convergence Divergence (MACD) has crossed below the signal line, which is also considered a bearish signal.
Looking at the PEPE’s price action, the token continues to hover around the key resistance level of 0.00000146. If the buying pressure increases and PEPE manages to break through this threshold, it could be back on its bullish course.
That said, if the resistance zone holds strong and PEPE fails to break out, this may confirm the initial bearish prediction.
The Crypto Market Recovery Continues
Aside from Pepecoin, the majority of the crypto market is on an uptrend, with the total market cap boosting by 3.5% in the last day based on data from Coingecko.
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This significant influx of capital could possibly be due to the interest generated by the recent Bitcoin ETF filings by many prominent traditional finance companies, most notably BlackRock.
Market leader Bitcoin (BTC) is up by 3.2%, with Ethereum (ETH) gaining by 3.0% in the last day.
Meanwhile, other notable assets such as Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) are also on the upswing surging by 2.8%, 5.2%, and 4.1%, respectively.