The recent surge of the meme-based digital coin, PEPE, by 5% over the past day, and 23% in the preceding week, has not only outpaced the sluggish movement of the wider cryptocurrency market but also sparked a spark of curiosity amidst the investor community. PEPE’s rally comes in backdrop of a 24-hour trading volume peaking over $100 million, emboldened partly by substantial purchase by notable investors. Impressive momentum reflected via its relative strength index scaling 70, hints at PEPE having a higher base to chart the path for fresh rallies.
TradingView indicates PEPE’s 30-day moving average (yellow) briskly converging towards its 200-day average (blue). The imminent ‘golden cross’, an indicator of a potential breakout, alongside a rising support level, may turn the tide in PEPE’s favour. It’s speculated that, based on the current momentum, PEPE might hit $0.00000160, before tipping into the overbought zone.
However, PEPE remains a meme token with a highly speculative nature, balancing on the double-edged sword of being able to plummet as fast as it ascends. Yet, significant acquisition of the coin by larger investors suggests that PEPE might continue to ascend before another fall beckons. Through the longer term lens, unabated interest from investors could possibly catalyse PEPE to touch $0.0000020 in the upcoming months and potentially ascend to $0.0000030 before year-end.
As the meme tokens resemble roller-coaster rides, many traders opt for diversification into cryptocurrencies that aren’t meme tokens. Despite a somnolent performance from the wider market, presale tokens have demonstrated consistent growth. New ERC-20 token, XRP20, is garnering attention for having raised over $2.6 million within weeks. Intended to have the same maximum supply as the original XRP, XRP20 extends the possibility to stake holders with the offer of earning a passive income. Additional attractive features include a future 10% burn of its total supply, marking it as a deflationary cryptocurrency.
However, the presale is nearing its end as it aims to raise a total of $3.68 million. That said, keen investors can still secure their stakes via XRP20’s official website. Early bird investors could potentially secure significant profits when the token eventuates on exchanges. Nonetheless, it’s crucial to note that crypto is a high-risk asset class; these are merely observations and not investment guidance.
Source: Cryptonews
