Pepe Coin Price Prediction as $100 Million Pushes PEPE Up 10% in 24 Hours – Are Whales Buying?

cryptonews.com:

The Pepe Coin price has risen by a strong 10% in the past 24 hours, reaching $0.000000932791 as the wider cryptocurrency market gains by 2% today.

This surge now means that PEPE is down by 17% in the last seven days and by 40% in the last 30, with the new meme token being disproportionately effected by the past week's SEC-caused selloff.

Given that PEPE has been heavily sold in recent weeks, the meme token may be due a recovery rally, a possibility heightened by the fact that its 24-hour trading volume has climbed from just over $50 million earlier in the week to more than $100 million today.

Of course, PEPE's status as a meme token means that nothing fundamental is supporting its price, aside from a community of early holders who want to see it rally again.

PEPE's does show some signs that its rally today could continue over the weekend (if not longer), with its relative strength index (purple) having risen from 30 to 50 today.

This signals an early increase in buying momentum, as does the fact that the coin's price has just risen above its 30-day moving average (yellow).

It's important to note here that it has only just overtaken the average, meaning that further gains in the coming days are possible before PEPE runs out of steam.

In this respect, it will be interesting to see whether the meme token can pass the $0.000000960 resistance level (red), from which it fell back down earlier in the week.

If it can clear this price, then there's no reason why it shouldn't rise higher, perhaps returning to the 0.00000110 level it last saw over the weekend, before a loss of market liquidity dampened investor sentiment.

Of course, it's worth pointing out to potential new investors that PEPE has lost an awful lot of steam in recent weeks,