The popular Ethereum-based PEPE coin continues its bullish rally, although the high Relative Strength Index (RSI) suggests a potential short-term reversal.
What RSI Reveals
The Relative Strength Index is a momentum indicator often used to determine short-term reversal points at the end of each rally. In the PEPE case, the RSI reading of 87.7 indicates an overbought condition. Generally, an RSI reading above 70 indicates an overbought condition, while a reading below 30 shows an oversold condition. This typically signals a potential price reversal. However, as other bullish trends indicate, the reversal may only last a short while for PEPE.
PEPE Seeing Increasing Acceptance
In a recent development, Robinhood Crypto Europe launched live transfer options for PEPE, expanding the meme coin's functionality. European users can now withdraw and deposit PEPE directly on Robinhood's crypto platform. A temporary 1% deposit bonus is also available to encourage customer participation in PEPE transactions.
PEPE's Position in the Market
Recently, PEPE's momentum has pushed it to become the 15th-largest digital asset by market capitalization, valued at $8.8 billion. This is just slightly below SUI's market cap of $9.3 billion. Meanwhile, PEPE's price increased by 57.64% in the past 24 hours to $0.00002133.
Despite some signs of a potential correction, PEPE continues to increase its prominence and acceptance in the crypto market, gaining support from major platforms like Robinhood and Coinbase.
