PEPE Defies the Market Trend, Eyes on 30% Rally

The post PEPE Defies the Market Trend, Eyes on 30% Rally appeared first on Coinpedia Fintech News

Pepe (PEPE), the popular third-largest crypto meme coin, is making waves and gaining widespread attention from crypto enthusiasts. On December 10, 2024, PEPE is outperforming major cryptocurrencies and defying the market trend with its impressive performance.

PEPE is trading near $0.00002725 at press time, having recorded a price gain of over 3.50% in the past 24 hours. During the same period, its trading volume increased by 16%, indicating heightened participation from traders and investors compared to the previous day.

However, this modest price surge comes during a period when the majority of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), are struggling to gain momentum.

With this recent price surge, PEPE has reached a crucial level of $0.00002750, which currently represents a make-or-break situation for the meme coin. According to CoinPedia’s technical analysis, if PEPE closes a four-hour candle above $0.00002750, there is a strong possibility it could soar by 30% to reach $0.000036 in the coming days.

On the other hand, if PEPE fails to hold above the $0.000024 level, this bullish thesis may be invalidated. PEPE’s Relative Strength Index (RSI) suggests a potential upside rally in the coming days, as it remains below the overbought zone.   

Beyond technical analysis, whales and investors seem to be dumping their holdings on exchanges, as reported by the on-chain analytics firm Coinglass. Data from PEPE’s spot inflow/outflow revealed that exchanges have witnessed significant outflows over the past two days.