In the face of the ongoing volatility and price swings in the cryptocurrency market, Pepe (PEPE) may seize the chance to rally. The market has been in a state of flux as Bitcoin (BTC) recently fell below $25,000 before swiftly rising to $26,000. PEPE may be in a position to make a name for itself in the alternative cryptocurrency market as a result of these fluctuations.
PEPE up as investors look for alternatives to the Bitcoin craze
The rally of PEPE comes at a time when investors are looking for alternatives to the most popular cryptocurrencies. While Bitcoin’s price can have a cascading effect on other digital assets, it continues to dominate the market. PEPE has experienced a significant rally in recent market developments. However, it is essential to keep in mind that this uptrend comes after a seven-day decline of 7.96%, highlighting the inherent volatility of the cryptocurrency market.
PEPE soars as traders push back against short-sellers
The price of PEPE has fluctuated significantly, resulting in a significant decline of over 50% in its overall value. When the support levels of $0.00000162 and $0.00000115 were broken, sellers took advantage of shorting opportunities, signalling a bearish trend. This decline has altered the structure of the market. Notwithstanding the negative downtrend, ongoing cost action has indicated the potential for another bull run. Notably, the crucial support level of $0.00000094 proved resilient in halting the decline.
PEPE to keep climbing as trading volume nears all-time highs
Several important milestones must be accomplished in order for PEPE to maintain its rally and build on the recent positive momentum. Breaking and closing above the trendline around the $0.00000100 price zone is required for a bullish surge in value, according to a recent PEPE price report. The cryptocurrency must overcome this trendline’s significant resistance level in order to continue moving upward. In the meantime, PEPE has been aggressively sold off, so the meme token may be due for a rebound. PEPE’s 24-hour trading volume has increased from just over $50 million earlier this week to over $100 million as of this writing, making this possibility even more likely.
Source: https://www.cryptoknowmics.com/news/pepe-surges-10-in-24-hours-igniting-rally-speculation