Pepe (PEPE) rose over 7% to hit $0.00001271 on Wednesday, staying in the top gainers list after investor sentiments for the coin took a robust turn. PEPE’s rise comes as the larger crypto market is still trying to figure out its future trajectory and path. In the middle of the bullish path, investors are now wondering if PEPE will keep rising.
With most technical indicators hinting at future gains, PEPE is most likely poised for a bullish momentum. However, even if PEPE falls in unforeseen circumstances, it would still be good news for many investors. Sidelined purchasers may purchase PEPE during this brief decline.
Why did PEPE rise today?
The sudden spike in Pepe price today was caused by optimism about the adoption of Ethereum spot ETFs. As an ERC-20 meme currency, PEPE gained momentum due to news based on ETH.
Should there be consistent demand and broad adoption, the price may rise even higher, with a short-term aim of $0.00002. The price of PEPE may challenge the support at the $0.0000085 level in the event of a market correction; however, a slide below this level would likely be steeper, possibly leading to the $0.000007 region.
What do technical indicators tell about PEPE?
In the coming month, the price of Pepe is expected to increase by 228.31% to $ 0.00004004 based on the current price estimate. Other technical indicators indicate that the current mood for the coin is bullish, and the Fear & Greed Index is currently reading 69 (Greed).
During the previous 30 days, Pepe Coin experienced 13.26% price volatility and 14/30 (47%) green days. Data also indicates a bullish general mood for Pepe’s price prognosis, with 22 technical analysis indicators indicating optimistic signs and 3 indicating negative signals.
According to PEPE market sentiment, the general market sentiment regarding memecoins and speculative trading appears to have contributed to the recovery of retail interest in this cryptocurrency. Next month, Pepe Coin’s 200-day SMA will rise, and by August 23, 2024, it is predicted to reach $0.00001077. At the same time, Pepe’s short-term 50-day SMA is predicted to reach $0.00001875.
The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). The PEPE market is neutral at the moment, as indicated by the RSI figure of 59.19.
