The memecoin industry, led by the frog-themed Pepe, has shown an impressive price recovery in the past 24 hours, aligning with a wider bullish trend in the crypto market.
Pepe Price Surge
The mid-capped meme coin Pepe, with a fully diluted valuation of about $7.2 billion and a 24-hour average trading volume of around $1.2 billion, rebounded from a crucial support level, signaling bullish sentiment. On the weekly time frame, Pepe's price has been rising, marked by higher highs and higher lows.
Whale Investments in Pepe
As a highly liquid memecoin with over 380k holders, Pepe has been attracting more whale investors recently. Pepe is also listed on major cryptocurrency exchanges such as Binance, Kraken, OKX, and Coinbase Global. According to on-chain analysis by Spot On Chain, a bullish whale has withdrawn around 1.08 million Pepe units, valued at approximately $18 million, over the past two days.
Technical Analysis and Pepe's Future
From a technical standpoint, Pepe's price is approaching the apex of a bullish triangular pattern. On the daily chart, Pepe's price rebounded from the 50 Moving Average (MA), indicating a potential major bullish rebound. On the four-hour chart, Pepe's price against the US dollar is forming a bullish pattern with a rising Relative Strength Index (RSI), amid ongoing market corrections. If Bitcoin's price breaks above $108k, a major resistance area recently, the altcoin market might experience increased bullish volatility and the much-anticipated altseason.
Pepe continues to solidify its standing in the memecoin market, attracting large investors. Current technical indicators suggest potential growth, impacting the broader cryptocurrency industry.
