PEPE Defies the Market Trend, Eyes on 30% Rally
Pepe (PEPE) is the third most popular crypto meme coin that is making waves and gaining a lot of attention from crypto enthusiasts. On December 10, 2024, PEPE outperformed major cryptocurrencies, bucking the market trend with its impressive performance.
PEPE Current Price Momentum
At press time, PEPE is trading close to $0.00002725, with price gains exceeding 3.50% in the past 24 hours. During the same period, its trading volume increased by 16%, indicating increased participation from traders and investors compared to the previous trading day.
However, the slight price increase comes as most cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), struggle to gain momentum.
PEPE technical analysis
Following the recent price surge, PEPE has reached the critical level of $0.00002750, which currently represents the make or break of the meme coin. According to CoinPedia’s technical analysis, if PEPE closes the four-hour candle above $0.00002750, there is a high chance that it will surge by 30% to $0.000036 in the coming days.
On the other hand, this bullish thesis may become invalid if PEPE fails to sustain levels above $0.000024. PEPE’s Relative Strength Index (RSI) suggests an upward rebound is likely in the coming days as the index remains below overbought territory.
Significant outflow of funds
In addition to technical analysis, whales and investors appear to be dumping their holdings on exchanges, reports on-chain analytics firm coin glass. PEPE spot inflow/outflow data shows that exchanges have experienced significant outflows in the past two days.
