Is PEPE on Track to Hit New High Heading into Late 2024?

• PEPE price has soared by over 15%, over the last 24 hours.
• The trading volume of the meme coin is up 137%.

Donald Trump claims victory in the 2024 US presidential election over Kamala Harris. It’s decisive to mark that Bitcoin surpassed its previous record of $73K, and hit a new all-time high of $75,361. 

The US election has previously impacted the crypto markets, witnessing both gains and losses. At press time, the entire market is priced in green and the majority of the assets have gained in double digits. Among them, the frog-themed meme coin, PEPE has registered a 15.87% surge over the past 24 hours. 

In the early hours of trading, the meme coin traded within the $0.000008195 range. Eventually, PEPE climbed to a high of $0.000009643, choosing a bullish rally for the day. 

At the time of writing, the meme coin traded at $0.000009507 with its trading volume reaching $1.35 billion, as per CMC data. According to CoinGlass, $2.85 million in PEPE was liquidated during this timeframe. 

Besides, the asset began to trade at $0.000009391 over the past week. As days progressed, PEPE’s price fluctuated severely and slipped to a low of $0.000007772.

Can PEPE Sustain Its Current Position?

PEPE’s four-hour price chart highlights the possibility of an upside correction. The current bullish pace could trigger the meme coin to climb above the current price. It could likely bring a retest, and PEPE might head toward $0.000009694. 

A potential rally might be on the horizon if the meme coin continues to trade within the current momentum. In contrast, if PEPE collapses, the downside momentum might pull back the price to a low of $0.000009046 level.  

Moreover, the technical indicators of PEPE revealed the ongoing positive momentum. The Moving Average Convergence Divergence (MACD) line is positioned above the signal line, inferring the incoming bull run. 

It’s essential to mark the Chaikin Money Flow (CMF) indicator at 0.17, suggesting an increased money flow. Meanwhile, PEPE’s daily trading volume has surged by over 137%. 

The current market sentiment of PEPE might lead to the overbought territory shortly, as the daily relative strength index (RSI) sits at 67.42. The daily frame of the meme coin shows the short-term 9-day MA above the long-term 21-day MA.

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