Meme season sensation Pepecoin (PEPE) is up 34.23% over the past day as the crypto market continues its Bitcoin-driven recovery.
According to data from CoinMarketCapPEPE’s impressive price movement has allowed the token to emerge as the top winner of the day, outperforming Conflux (CFX) and Stacks (STX) that made headlines in recent days.
PEPE started the week slowly at first and showed no significant price movement on Monday, June 19, as it hovered around the $0.000000922 price region. After that, the meme token made a slight gain before reaching a resistance level of 0.00000107 on June 20.
After some sideways moves, PEPE resumed its bullish course, trading as high as $0.00000154 for the first time since last month today. In the past two days, the PEPE is up more than 61% in market price.
At the time of writing, Pepecoin is trading at USD 0.00000148, up 3.54% in the last hour based on CoinMarketCap data. The token’s daily trading volume has also increased by 253.38% to $694 million.
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That said, PEPE’s market cap hovers around $579 million, helping it maintain its position as the third largest meme coin in the market.
Could PEPE’s market battle be over?
After its launch in April, PEPE took the crypto world by storm, rising more than 2,000% to become the “undisputed king of meme season.” However, PEPE soon fell from its solid heights, slipping 78% from its all-time high – 0.00000435 – reached in May. After today’s market surge, it looks like PEPE is on its way to this level. Although it is still too early to say.
Based on PEPE’s 1-hour chart, the Relative Strength Index (RSI) shows that the token has just left the overbought zone, indicating that the bullish momentum may be over and a bearish trend is on the horizon.
In addition, the Moving Average Convergence Divergence (MACD) has crossed below the signal line, which is also considered a bearish signal.
Looking at the price action of the PEPE, the token continues to hover around the main resistance level of 0.00000146. If buying pressure builds and PEPE manages to break this threshold, it could be back on its bullish course.
That said, if the resistance zone remains strong and PEPE does not break out, it may confirm the initial bearish forecast.
PEPE Trading At $0.0000014554 | Source: PEPEUSD Chart on Tradingview.com
The recovery of the crypto market continues
Aside from Pepecoin, most of the crypto market is in an uptrend with the total market cap rising 3.5% in the past day based on data from Coingecko.
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This significant inflow 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 3.2%, while Ethereum (ETH) is up 3.0% over the past day.
Meanwhile, other notable assets such as Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) are also up 2.8%, 5.2%, and 4.1%, respectively.
Featured: Telegraph India, chart from Tradingview.