The PEPE price was trading at $0.00001034, as of 6:00 am EST, after rising 15% over the last 24 hours.
The Pepe memecoin has climbed by over 25% from a low of $0.00000867 on March 14 to a new all-time high of $0.00001084. This uptick in PEPE could kick-start the second phase of the memecoin rally.
Pepe price analysis: Key levels to watch
PEPE price has risen more than 700$ from the end of February to today’s intraday high at $0.00001084. With this uptick, the Pepe memecoin has breached one all-time high after the other in an uptrend that has seen its market cap cross the $4 billion mark to rest at $4.362 billion, at the time of publishing.
The 20-day, the 50-day and the 100-day moving averages were facing upward, a suggestion that the uptrend was strong.
The position of the RSI within the overbought region suggested that the buyers were in control of the market.
The continued increase could see the token rise first toward the new all-time highs at $0.00001084 and later enter into price discovery as euphoria enters the market.
TradingView Chart: PEPE/USD
If this happens, all other memecoins are likely to follow suit, led by leading tokens such as Dogecoin and Shiba Inu (SHIB).
On the downside, if Pepe’s price produces a daily candlestick close below the $0.000010 psychological level, it would suggest that a short-term spike in buying pressure was a bull trap.
In such a case, Pepe’s price could drop 40% and revisit the March 12 swing low at $0.00000751.