Pepe Price Surges 29.1% in 24 Hours, Eyes 40% Gains After Breakout
Pepe Price Surges 29.1% in 24 Hours, Eyes 40% Gains After Breakout
In a surprising turn of events, Pepe price experienced a significant surge of 29.1% in the last 24 hours, reaching $0.00001223 during European business hours on Tuesday. This sudden increase in price may have been triggered by the rise in the price of Ethereum following the preliminary approval of spot ETH ETFs. As a result, Pepe’s 24-hour trading volume spiked by 98% to $2.27 billion, indicating a growing interest from investors.
The breakout from a falling wedge pattern with a 29% move has caught the attention of traders and analysts. Despite this bullish action, the daily candle close yesterday did not establish an uptrend, as the high was still lower than the previous. However, all eyes are on today’s daily candle, with hopes that a close above $0.00001350 will confirm an uptrend.
Leading indicators are currently bullish, with the relative strength index (RSI 14) at 61.14 and heading upwards, signaling increasing bullish momentum for Pepe. Additionally, the Chaikin money flow (CMF) is above zero at 0.12 and facing upward, indicating rising buying pressure. The moving average convergence divergence (MACD) also crossed above the signal line on July 14, marking the start of a bullish reversal.
Lagging indicators further confirm Pepe’s bullish trend, with the 21-day, 50-day, and 200-day simple moving averages (SMA) trending below the price. Analysts predict that Pepe price may surge by 41% to $0.00001730, with some minor resistance levels around $0.000012 and $0.000013, and support levels at $0.000010 and $0.0000078.
The recent spike in Pepe price can be attributed to the news of the U.S. SEC’s “preliminary approval” of spot ETH ETFs. Pepe has historically been reactive to developments in the Ethereum ecosystem, and with ETF trading set to begin on July 23, further price increases are anticipated.
In addition, data from Coinalyze shows a 31.47% surge in PEPE aggregated Futures Open Interest (OI) across exchanges in the last 24 hours, indicating peak interest among investors as they position themselves for potential gains.
Overall, Pepe price is displaying strong bullish signals, with futures market activity on the rise, hinting at a possible all-time high. This surge in derivatives trading reflects growing investor confidence and could pave the way for a 41% price run to new record levels. Investors and traders are advised to keep a close eye on Pepe’s price movements in the coming days as the meme coin continues its upward trajectory.