The meme coin market is on the move, with Pepe ($PEPE) seeing a price surge of 17% since Monday.
$PEPE is trading around the $0.00000124 level, with holders optimistic that this could begin an extended uptrend.
Meanwhile, Wall Street Memes’ presale continues to gain momentum, having now surpassed the $23 million fundraising milestone.
$PEPE Shows Signs of Recovery After Sustained Drop
After a sustained drop since July 14, $PEPE has posted three bullish daily closes in a row and looks likely to be heading for a fourth.
The last time this occurred was in mid-June when $PEPE soared 95% in under one week.
Price has formed a minor support level around $0.00000106, using it as a springboard to push higher.
However, $PEPE bulls will need to be wary of the 20-day Exponential Moving Average (EMA) lingering just ahead.
This indicator could act as a resistance level, as it has proved to be a stubborn obstacle for $PEPE in previous rallies.
A decisive daily close above the 20-day EMA would be a positive technical sign and set the stage for $PEPE to push back towards July’s high.
With CoinGecko sentiment analysis showing that 74% of the community is “feeling good” about Pepe coin’s prospects, there’s a growing belief from holders that $PEPE could be set for a positive few weeks ahead.
Speculative Interest & Positive Projections Boost $PEPE’s Prospects
There doesn’t seem to be any clear catalyst for $PEPE’s recent price increase other than a return of speculative interest in meme coins.
$PEPE has benefited from the meme coin tailwinds, with traders now looking to dive back into the space in search of sizable returns.
According to CoinMarketCap, the meme coin market’s value increased by 1.05% over the past 24 hours, reaching $18.4 billion.
This indicates a resurgence in the meme coin space, which had stagnated during the first week of August.
Additionally, optimistic projections from leading crypto analysts seem to be positively influencing $PEPE.
Mags, a Twitter analyst with an audience of nearly 29,000, posted a $PEPE price chart with a potential roadmap for the token in the coming weeks – eventually ending up at July’s high.
However, Mags’ analysis does predict that $PEPE’s price will swing lower once more before pushing up to the local highs.
Pepe bulls will likely welcome this optimistic forecast, given they have seen the token struggle to regain momentum since its meteoric rise earlier this year.
Wall Street Memes Rides Presale Momentum & Raises $23 Million
While $PEPE sees an uptick in interest, another meme coin is gaining traction among investors.
Wall Street Memes ($WSM) is an ambitious new project amid a successful presale phase, which has just breached the $23 million milestone.
This significant milestone showcases the interest in Wall Street Memes, even before the token’s official market launch.
Wall Street Memes owes much of its early success to its vibrant community of meme coin enthusiasts, which comprises over 1.1 million people worldwide.
This engaged user base has driven the buzz and demand for $WSM, leading to influencer interest.
Joe Parys Crypto, a YouTuber with over 380,000 subscribers, recently uploaded a video discussing his belief that $WSM could be primed for price growth once listed on major exchanges.
YouTuber Michael Wrubel, who has an audience of 310,000, also posted a video about $WSM and his optimism about the project.
Combined with Wall Street Memes’ 40 million monthly social impressions, these endorsements have heightened interest in the ongoing presale phase.
With their ambitious goal of achieving a $1 billion market cap, Wall Street Memes’ creators are effectively leveraging the growing buzz and community interest.
While established coins like $PEPE ultimately struggle to reclaim their former highs, many early adopters believe $WSM could be the next token to make its mark on the meme coin space.
Visit Wall Street Memes Presale
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