Pepe Makes a Remarkable Recovery, Surging 23% from Two-Month Low
In the last 24 hours, Pepe (PEPE) has experienced a surge of 23%, reaching a 15-day high of $0.00001262. Additionally, the trading volume has increased by an impressive 110% during this period. This frog-themed coin had been in a bearish zone since the beginning of the month, hitting a two-month low of $0.00000763 in the first week of July. However, in the past 24 hours, it has made a significant comeback, jumping from $0.000009399 to $0.00001251, attracting considerable attention.
Adding to the excitement, two institutions, Nascent and MakerDAO, have deposited 3,566 MKR ($10.29M) into Binance. Notably, Nascent has sold off 1,216 MKR ($3.49M), making an estimated profit of $2.9M. Later on, the venture capital firm withdrew 141 billion PEPE ($1.6M), 281,000 LDO, and 3.41 million USDT from Binance.
This surge coincides with the current market relief rally after last week’s heavy lows. The Fear & Greed Index, which measures market sentiment, has now entered the neutral zone after two weeks. Among other meme coins, PEPE has emerged as the top gainer, with dogwifhat and Floki also experiencing significant surges of 21% and 18% respectively.
Furthermore, PEPE’s Network Value to Transactions Ratio (NVT) has spiked, indicating that it is relatively overvalued.
Looking ahead, Pepe’s recent price movements demonstrate a bullish trend, with the coin reaching new highs and breaking the resistance level of $0.00001134. Despite some volatility in the past week, the overall trajectory remains positive, with the potential to test the $0.00001349 level in the near future.
Supporting this bullish sentiment is the Relative Strength Index (RSI), which suggests that momentum remains strong without entering the overbought territory just yet.
However, if bears regain control, there is a possibility that PEPE could fall to $0.00000762. In a further decline scenario, it could drop to $0.00000707.
In other news, spot Ethereum ETFs are set to launch next Tuesday, putting an end to the agonizing wait for investors.
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