In recent developments, Pepe Coin has drawn significant attention from traders as its price experiences a notable increase. This surge is strongly linked to its correlation with Ethereum, a major player in the cryptocurrency market. The meme coin has mirrored Ethereum’s price trends closely over recent months, capturing interest from investors.
What Caused the Rise in Ether Burns?
LookonChain data reveals a remarkable rise in Ether’s daily burn rates over the past week. This escalation may play a role in Ethereum’s price escalation. Specifically, the daily ETH burn rate has seen a 163% uptick within a week. If transaction fees stay low but network activity and burns persist, Ethereum could potentially return to a deflationary state.
Why is PEPE’s Price Rising?
Data analysis by IntoTheBlock indicates that PEPE Coin’s 60-day correlation with Ethereum is at 0.92, surpassing its correlation with Bitcoin. PEPE shows signs of bouncing back as it breaks through a rising triangle pattern, with projections indicating it may ascend to $0.00001250. Support levels could be at $0.00000080 and $0.00000070, but a fall below these thresholds may indicate bearish trends.
Currently, Bitcoin is working to break past the $65,800 level, which could positively affect PEPE Coin. As ETH begins to stabilize above $2,650, Bitcoin is aiming to solidify $65,500 as a support level. A significant rally in PEPE Coin might pave the path for reaching previous high levels.
The market’s bullish sentiment has historically resulted in higher consolidation for PEPE Coin and other assets like FLOKI. This positions them for superior performance in rising market conditions.
Monitoring the evolving dynamics of Pepe Coin and Ethereum is crucial for traders looking to maximize their advantage. The volatility of these cryptocurrencies makes them sensitive to shifting market climates, offering potential opportunities for strategic trading.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/pepe-coin-gains-momentum-with-price-surge-2