Bitcoin's rise to $116,000 has drawn investor attention toward memecoins like PEPE and Dogecoin. Their gains illustrate a steady correlation with Bitcoin's dynamics.
Bitcoin's Rise and Interest in Memecoins
On July 10, Bitcoin reached $116,000, marking its highest level since mid-May. This shifted trader interest toward high-beta assets, with capital rotating into memecoins like PEPE and Dogecoin, which surged by 17% and 6.7% respectively.
Technical Analysis of PEPE and the Breakout Point
On July 10, PEPE exhibited a decisive bullish trend when its price broke out of a falling wedge pattern after weeks of consolidation. Key indicators support this breakout: RSI (14) stands at 65.13, MACD indicated a bullish crossover, and the price cleared the 23.6% Fibonacci retracement, with the next key level at $0.00001479. Trading volume surged 123% to $1.34 billion, validating the move.
Market Conditions and PEPE Forecasts
On-chain data from Santiment indicates that whales accumulated over 9 trillion PEPE—worth more than $90 million—from June 29 to July 9, reducing the token's exchange supply by 2.9%. Meanwhile, open interest in PEPE futures rose 24.9% in 24 hours. Despite RSI (7) hitting 79.79, the bullish scenario remains viable if Bitcoin stays above $116,000.
Bitcoin's rise has significantly impacted memecoins, reinforcing existing dynamics. Technical indicators and whale activity form an optimistic outlook for upcoming trades.
