Memecoin PEPE’s price has rallied by a significant 75% in the last 24 hours.
The cryptocurrency hit a new all-time high in the last few hours ago.
The cryptocurrency sector is $2 billion away from hitting the $3 trillion market cap milestone. Several factors have contributed to this bullish trend, primarily Bitcoin’s upward rally. The USA’s regulatory reforms are also another important contributing factor to the current bull run. Additionally, the beginning of the Altseason has propelled prices further upward.
In light of the AltSeason, the memecoin sector has rallied with price breakouts in the past few days. Leading memecoins such as Dogecoin and Shiba Inu have recorded significant upward movements. Notably, frog-themed memecoin, PEPE has factored in 75.86% in a matter of a day.
The memecoin 24 hours ago, traded at the $0.00001272 level after which it broke the $0.00002 resistance. The cryptocurrency rallied to a new ATH at $0.00002524 roughly 5 hours ago, surpassing its previous high of $0.00001718. At the time of writing, PEPE was trading at $0.00002256 as per CMC data.
Moreover, PEPE has seen increased whale activity over the past week. According to Lookonchain reports, one particular whale with the address – “0x2da” sold 500 billion PEPE with a profit exceeding $45 million 4 hours ago. Previously, other whales have shown buying activity which is also indicated by the RSI standing at an overbought 88.77.
How was PEPE’s Weekly Price Action?
Zooming out, from its daily price chart, PEPE shows a 118.20% increase in the last 7 days. The memecoin has rallied from a low of $0.00001034 to current trading levels. Additionally, PEPE’s technical indicators suggest that the cryptocurrency is on an upward trend.
Its Chaikin Money Flow (CMF) value stands at 0.37 highlighting the incoming money flow and subsequently indicating the bullish trend. However, PEPE price has also exhibited increased volatility as prices have been fluctuating highly. The token’s RVI stands at 92.49 as per TradingView data.
Meanwhile, other altcoins such as Ethereum have also broken previous resistance levels influenced by Bitcoin’s upward rally.
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