PEPE Skyrockets 13% In A Day, Get Ready Bullish

PEPE skyrocketed 13% in a day, getting ready to be bullish (Photo; Doc. The Market Periodical)

JAKARTA - The crypto market was again shocked by the surge in PEPE prices, a meme coin that recorded an increase of 13.32% in just the last 24 hours. This increase succeeded in driving PEPE's market capitalization up 13.02% to 3.4 billion US Dollars (Rp52.4 trillion). Not only that, PEPE's trading volume also experienced a significant increase of 64%, reaching 711.05 million US Dollars (Rp 10.9 trillion). This drastic increase in both price and volume shows a new interest in the meme coin that had damped.

The on-chain data obtained by AMBCrypto also shows interesting things. At the time of writing, 52.91% of the addresses holding PEPE are in a favorable position. This shows a relatively equitable distribution of ownership among investors. Furthermore, the long/short ratio tends to lead to bullish sentiment, where more investors choose to take long positions. This optimism could trigger further price increases if this trend continues.

From a technical point of view, the PEPE price graph shows an interesting pattern. Since late July, this token has been in a downward trend with the formation of lower lows and lower heights. However, the recent price spike managed to break the downward pattern. What's more, the bullish crossover on the stochastic RSI hints at a potential reversal trend.

Despite the combination of price spikes, volume increases, and technical breakouts providing a promising picture for PEPE, investors need to be careful. Meme coins are known for their wild price fluctuations and can turn around quickly. If PEPE holders decide to disburse their profits, the resulting selling pressure can attract prices to fall in the short term.

However, if this bullish trend persists, PEPE may have a chance to grow further in the future.