Pepe (PEPE), an Ethereum-based memecoin, is up more than 31% in the past week as memecoins recover overall.
Currently trading at $0.00001076, PEPE has reached its highest price since August 3 and is up 68% from the local low on September 6.
PEPE/USD daily chart. source: TradingView
With the surge in PEPE prices, trading activity has also picked up. Spot trading volume for PEPE exceeded $1.3 billion on September 27, up 35% in the last 24 hours and 316% over the past 7 days.
Its market capitalization also regained $4 million, solidifying its position as the third-largest memecoin in the world.
It is also the most traded memecoin as of September 27, ahead of Dogecoin (DOGE), which has a trading volume of over $700 million.
Finally, after several weeks of sideways price movements, PEPE appears to be regaining its footing.
Memecoin blinks green overall.
PEPE’s rally on September 27 reflects bullish price action across the entire memecoin sector. Most cryptocurrencies in this sector have recorded double-digit gains over the past week. Leading memecoins DOGE and Shiba Inu (SHIB) have surged 20.7% and 50% in the past 7 days.
Solana-based Dogwifhat (WIF) posted a weekly gain of 31%, while Base’s Brett (BRETT) rose 28% over the same period.
Performance of Topcap Meme Coin. Source: CoinGecko
This broad rally has pushed the total memecoin market value to $53.7 billion, up 34.5% in the past week, according to CoinMarketCap data.
Memecoin market capitalization and trading volume. Source: CoinMarketCap
Additionally, over $8.5 billion worth of Memcoin trading volume was recorded in the last 24 hours alone. This resurgence has been driven by investors once again embracing risky assets such as memecoins.
Data from Alternative, a platform that analyzes “sentiment and sentiment” around cryptocurrencies, shows a poop on market sentiment as the Crypto Fear and Greed Index enters “greed” territory at 61, up from 30 a month ago when the market was hovering around 30. This shows that there is. “awe.”
Cryptocurrency Fear and Greed Index. Source: alternative.me
PEPE broke out of its bearish pattern.
On September 20, the price of PEPE broke out of a descending parallel channel, triggering support by overturning the 50-day, 100-day, and 200-day exponential moving averages (EMAs).
“$PEPE price has broken out of the downward channel,” declared popular analyst Cryptojack in a Set. “Pumping is expected to continue,” the 27X post added.
In the near term, the bulls are likely to continue the bounce towards the key resistance at $0.00001260.
PEPE/USD daily chart. source: TradingView
The sharp rise in the Relative Strength Index and its ranking in overbought territory at 73 strengthens buyers’ dominance in the market.
However, overbought conditions may encourage profit-taking and a slight correction may occur before PEPE continues its upward trend.
The most important support area is just above the channel’s upper trendline, where all major EMAs are currently located.
Losing this support confluence could trigger a bearish scenario, with a possible downside target range between $0.00000668 and $0.00000596.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.