The meme coin PEPE continues to follow the overall rally of the cryptocurrency market, showing significant increases in value this week.
PEPE's Rise in the Cryptocurrency Market
PEPE, the frog-themed meme coin, has been showcasing positive dynamics over the past few days, increasing by 27% and reaching a price of $0.00001307. PEPE's market capitalization currently stands around $5.5 billion, making it the 34th largest cryptocurrency and the third largest in the meme coin sector.
Technical Analysis and Expert Opinions
Some analysts believe that PEPE's bull run is just beginning. A user on social media platform X, under the name Max, expressed that "PEPE is about to begin flying," adding that "conviction has never been higher than right now." Another popular analyst, Nebraskangooner, noted the formation of an 'inverse head and shoulders' pattern on PEPE's price chart, which is considered a bullish indicator. Jake Gagain described PEPE as the 'SHIB of this bull cycle.'
Current Market Indicators
Less than a week ago, a large whale purchased 227.8 billion PEPE tokens for around $2.7 million, which could attract the attention of smaller players considering entering the ecosystem. However, indicators like PEPE's Relative Strength Index (RSI) approach the bearish zone of 70, suggesting a potential short-term price pullback.
Despite the positive assessments and growth of PEPE, investors should carefully monitor market indicators and potential risks associated with rapid price changes.
