Standard meme-inspired cryptocurrency PEPE rose greater than 4% over the past 24 hours to commerce up almost 10% over the previous week.
The surge comes amid renewed curiosity in meme tokens, with the CoinDesk Memecoin Index (CDMEME) rising greater than 11% over the previous week, outperforming bitcoin’s 1.4% transfer. Over 24 hours, the memecoin sector is up 2.5%, in contrast with BTC’s 0.2%.
PEPE rallied from $0.00001013 to $0.00001074, setting a brand new short-term resistance close to $0.00001082, in accordance with CoinDesk Analysis’s technical evaluation knowledge mannequin. Buying and selling exercise spiked considerably, with over 5.89 trillion PEPE tokens altering arms throughout the peak of the rally, greater than double the 24-hour common.
The worth motion exhibits a gradual sample of upper lows, a sign that patrons are stepping in persistently at more and more elevated ranges. That kind of construction is commonly interpreted as an indication of accumulation by extra engaged traders.
Throughout probably the most energetic section of the transfer, the token additionally touched $0.00001081 earlier than settling barely decrease. That fast spike drew a brand new resistance line whereas a agency assist stage emerged round $0.00001017.
These worth boundaries, examined a number of occasions, assist form merchants’ expectations about the place the coin would possibly go subsequent.
The rally was marked by sturdy liquidity and sustained demand. Exercise surged round a number of retests of the $0.00001069 mark, a stage that held every time, reinforcing its energy.
Disclaimer: Elements of this text had been generated with the help from AI instruments and reviewed by our editorial workforce to make sure accuracy and adherence to our requirements. For extra data, see CoinDesk’s full AI Coverage.
