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- PEPE has risen 9% in the last 24 hours, making it one of the best performers among the top 50 cryptocurrencies on the market.
- The meeting comes amid renewed interest from whalers and retail investors.
Pepe (PEPE) increased its gains by almost 9% during the press time on Thursday, as the broader cryptocurrency market recovered from negative sentiment following the talks between the US and Iran.
With big wallets, the so-called whales, piling up PEPE again, and interest rates slowly rising, the money for the frog meme is on the rise.
PEPE protests as the mass market resumes
The recovery of the cryptocurrency market is causing a change in risk sentiment, while traders are becoming more optimistic.
This has sparked interest in meme money, including Pepe. Data from CoinGlass shows that PEPE futures Open Interest (OI) is up 20% in the last 24 hours, to $228.67 million.
This increase shows that many traders are betting on the price of PEPE to increase in the near future.
In addition, large wallet holders with more than 100 million PEPE tokens are continuously rebuilding their positions, which shows long-term optimism.
Santiment data shows that investors with assets from 100 million to 1 billion PEPE tokens now own 10.64 trillion PEPE, up from 10.59 trillion on February 15. Investors with more than 1 billion PEPE tokens now control 3.64 trillion PEPE, up from 3.60 trillion at the end of February.
Technical view: Should Pepe continue his campaign?
The 4-hour PEPE/USD chart continues to be weak and inactive despite rising above the 50-day Exponential Moving Average (EMA) for the second day in a row.
PEPE is now trading at $0.000003877, testing the 100-day EMA at $0.00000411, with no clear bias.
A daily candle that closes above this level could open the way for profit-taking, potentially reaching the 200-day EMA at $0.00000550.
The Relative Strength Index (RSI) stands at 62, indicating a gradual acceleration and an upward trend before entering an overbought zone.
Meanwhile, the Moving Average Convergence Divergence (MACD) is showing a steady trend, supporting the trend.
However, if the bears regain control, PEPE’s main support is at the 50-day EMA, near the breakout channel, at $0.00000364.
