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PEPE Climbs to a New All-Time High Amid Rising Demand

2 mins
Updated by Ryan Boltman
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In Brief

  • The rally in the meme market has pushed PEPE to a new all-time high.
  • At its current price, the meme coin trades above key resistance level.
  • Its key indicators hint at the possibility of a continued rally.
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Frog-themed meme coin Pepe (PEPE) has rallied to a new all-time high as interest in meme assets surges following the spike in the value of GameStop stock.

In the past 24 hours, PEPE’s price has risen by 21% and rallied past its resistance level at $0.0000091.

Pepe’s Trading Activity Skyrockets

PEPE trades at $0.00001071 at the time of writing and is the leading asset with the most growth in the past 24 hours. 

Due to the surge in activity around the meme coin during that period, its trading volume has climbed to a two-month high of $2.5 billion. In the last 24 hours, PEPE’s trading volume has risen by 300%.

Pepe Trading Volume
Pepe Trading Volume. Source: Santiment

When an asset’s trading volume rises alongside its price, it signals a high buying momentum. It suggests that the price movement is not just a small fluctuation but reflects a larger trend in the market.

The recent surge in PEPE’s trading volume over the past 24 hours reflects the ongoing high demand for the meme coin observed in the last week.

In the past seven days, the daily count of addresses that have completed transactions involving PEPE has risen by 78%, Likewise, new demand for the meme coin has grown by 41% during the same period. 

Read More: How To Buy Pepe (PEPE) and Everything You Need To Know

Pepe Network Activity.
Pepe Network Activity. Source: IntoTheBlock

PEPE Price Prediction: No Cause For Alarm

PEPE’s double-digit rally in the past 24 hours has pushed its price above the resistance level of $0.0000091. Trading at $0.00001075 as of this writing, the meme coin currently sits 15% above its resistance level. 

Confirming the current bullish trend, the dots that make up PEPE’s Parabolic SAR indicator rested under its price. 

This indicator is used to identify potential trend direction and reversals. When its dots rest under an asset’s price, the market is said to be in an uptrend. It signals to market participants that the asset’s price is rising and may continue to do so. 

Further, the coin’s Elder-Ray Index currently returns positive values. The indicator measures the relationship between the strength of PEPE’s buyers and its sellers in the market. When its value is positive, it means that bull power dominates the market.  

If the bulls continue to dominate the market, PEPE’s price may breach $0.00001 and head towards $0.000011.

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

Pepe Price Analysis. Source: Tradingview

However, if sell-offs begin to gain momentum, the meme coin might experience a slight retracement back to retracement and may even fall below it to trade at $0.000007. 

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Ryan Boltman
Ryan Boltman is a managing editor at BeInCrypto, specializing in the crypto markets with a strong focus on technical and on-chain analysis across a broad spectrum of digital assets. His areas of expertise include Layer-1 and Layer-2 solutions, artificial intelligence (AI), real-world assets (RWA), decentralized finance (DeFi), decentralized physical infrastructure networks (DePIN), meme coins, and altcoins. Before his current role, Ryan contributed to Blockchain.com as a customer success...
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