The Pepe Coin price witnessed a surge in the last 24 hours, escalating to $0.00000124, a 15% hike that makes it the best-performing meme token in the market currently. Notwithstanding this upsurge, PEPE is down by 1.5% in the preceding week and 15% in the last month. Since May, when it hit an all-time high of $0.00000431, the altcoin has seen a typically volatile rollercoaster ride that is characteristic of meme coins, plummeting by an unnerving 71%.
Today’s rally, while sparking interest, is seen as largely a long overdue and only partial upward turn for PEPE, historically the plaything for whales and larger traders who might steer it towards further rises before an inevitable dip. Technical indicators for PEPE are beginning to indicate some much-needed momentum after a steady period of decline in the last two or three weeks.
PEPE’s relative strength index (RSI) catapulted from nearly 30 yesterday to just over 60 today, with room for further momentum before the RSI surpasses 70 and the coin is over-traded. Concurrently, the coin’s 30-day moving average, which had reached a bottom in relation to its 200-day average, now looks set to trot back up to the longer-term average.
On one hand, an argument can be made on behalf of overstated selling and undervaluing of PEPE, proposing that a more considerable rally is overdue. However, bear in mind, PEPE is essentially a ‘pure’ meme token, with no intrinsic worth or fundamental value; there’s nothing that could stop it from free-falling again. The coin’s unpredictability could trigger sudden and severe drops before touching ‘overbought’ positions.
PEPE’s dramatic rise and fall in recent months is primarily attributable to it being utilized as a vehicle for quick, short-term gains by larger investors- a fact evident by a rise in whale purchases of PEPE in the last few days. But volatile trading also implies swift selling post-purchase, as evident through a notable 2.26 trillion PEPE selloff loss on August 7.
This inconsistency in PEPE’s performance is a risk, which traders unequivocally need to acknowledge. The token has the potential to rise to $0.00000180 before the current rally fizzles out, though it could just as easily spiral down to a smaller value than present. On a cautious note, with PEPE’s position teetering on volatility, it may be prudent for some traders to consider alternative altcoins that promise more assured short- to long-term rallies.
One of the most compelling is BTC20, a new Ethereum-based Bitcoin that allows holders to gain passive income from staking. Offered at a fixed price of $1 during its presale, it projects a promising future based on its deflationary nature with a cap of 21 million BTC20 tokens. As the staking feature rolls out, the coin’s price is set to rise, making it an attractive prospect amidst the constant fluctuations in the crypto landscape.
Source: Cryptonews
