Memecoin’s share has also increased dramatically in the past 24 hours, with the market cap rising 13% to $25 billion. Based on this volume, Pepe (PEPE) has gained more than 12% at press time, trailing only Shiba Inu (SHIB), which recorded more than 30% in daily returns.
In particular, PEPE’s daily volume coincided with the price increase as it exploded by 182%, reaching $305 million. The question now is whether PEPE will be able to overcome its resistance and lead the memecoin mainstream
to be started.
The PEPE price tries to resist
PEPE tested horizontal resistance at the $0.00000290-$0.00000300 zone, which formed the neck of a folded head-and-shoulders pattern.
The pattern shows that the bulls have started to increase, although the bears are against it at the neck. Strengthening the bullish trend, the SuperTrend indicator changed again.
In addition, the Open Interest (OI) has been rising, although it has pulled back over the past five days. On Binance, OI stood at $44.25 million.
Therefore, in order for the bulls to dominate, PEPE must break their neck and stay on top of it. Otherwise, the rally could be considered a setback for the broader market.
Furthermore, the strong target for crossing the threshold is $0.00000350. If the downside test fails, the bearish target remains at $0.00000250.
What is behind PEPE?
Apart from strength in PEPE’s technical perspective, its chain operations were also good. Daily turnover increased by 11.34%, reaching $39.86 million, while shareholders increased by only 0.50%.
Also, unions were collecting PEPE. For example, cold exchange wallets like Upbit, OKX, and Bithumb rose by 2% together. Transfers to cold wallets indicate a purchase, while hot wallets indicate distribution.
In addition, more than $2.80 million in systematic short positions were liquidated, increasing daily gains. This represents orders between $0.00000280 and $0.00000304, with the largest order closed for $276K at $0.00000297.
Brief Summary
- PEPE is up 12% in the past 24 hours as lending and short-term discounts increase as prices rise.
- The memecoin market has grown significantly, but PEPE needs to turn its neck to support to match the resurgence of the main sector.
