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The cryptocurrency market remains volatile, and Pepe (PEPE), a well-known meme coin, is not exempted from the tumultuous price fluctuations that characterize this sector. As of today, the live price of Pepe stands at $0.000012, with a trading volume that has surged to $1,121,863,535 over the last 24 hours. Despite this high volume, PEPE has experienced a significant downturn, dropping by 4.84% in the recent trading session.
Pepe’s current price behavior shows some consolidation with prices hovering between $0.00001070 and $0.00001325. At present, there seems to be no direction on where the market will go next with traders and investors taking into account their possible next moves. Such a kind of trade movement might be followed soon by a larger move in the price of PEPE.
Key technical indicators also provide some additional insights about PEPE’s behavior in the market. The RSI suggests that the currency is neither overbought nor oversold because it currently stands at around 53.94. On the other hand, ADX shows us that there is some strength in trends but not very strong ones.
Should Pepe succeed in pushing through its resistance level at $0.00001325, a bullish momentum might develop. If the four-hour candlestick closes above this level, it shall form a solid ground for further upward gains. This means that PEPE may rise towards 0.00001516.
On the contrary, if market sentiment changes, increased selling pressure will force PEPE below its prevailing support around $0.00001070.At this point, monitoring stops should be placed near the next support area, which could be around $0.000010. Furthermore, this will be another decline, offering speculators an opportunity to anticipate a pullback.
As of July 25th, 2024, Pepe has recorded a daily average trading volume of $742 million and a yearly high total of $153 billion. This makes it the second most traded meme coin after Dogecoin. To compare, Shiba Inu had a daily average trading volume that was worth $614 million meaning that it managed to gather around $127 billion throughout this year. As such, these statistics show that there were more PEPE coins exchanged than SHIB showing a significant change in market dynamics.
This year alone the number of PEPE holders has increased by approximately 70%, rising from 155170 to over 264620 whereas SHIB experienced only a small increase in holders – just 2.2% with now reaching about 1.4 million Pepe’s market capitalization is now at $5.20bn while SHIB is at $10.10bn indicating the dissimilarity between how much each coin added or lost in this period which represented an approximated gain for PEPE of about 777% versus SHIB’s return about 60%. Therefore as we look into the future PEPE could challenge SHIB’s pre-eminence within the meme coin market.
