PEPE’s price has surged over 15% in the past 24 hours, with trading volume spiking by 137%. Donald Trump has claimed victory over Kamala Harris in the 2024 U.S. presidential election, which coincided with Bitcoin reaching a new all-time high of $75,361, surpassing its previous record of $73K.
Historically, U.S. elections have had significant effects on crypto markets, resulting in both gains and losses. Currently, the market is trending upward, with most assets seeing double-digit gains. Among these, the frog-themed meme coin PEPE saw a 15.87% increase within the last 24 hours.
Earlier in the day, PEPE traded within the $0.000008195 range but soon rallied to a high of $0.000009643. At present, it’s priced at $0.000009507, with a trading volume of $1.35 billion according to CMC. CoinGlass data indicates that $2.85 million in PEPE was liquidated during this period.
Over the past week, PEPE began trading around $0.000009391, experiencing volatile swings and touching a low of $0.000007772.
Can PEPE Maintain Its Upward Momentum?
The four-hour price chart for PEPE suggests an opportunity for an upward correction, with the current bullish trend potentially pushing the meme coin to retest or surpass $0.000009694. If PEPE sustains its momentum, it may be on the verge of another rally. Conversely, if it loses ground, the price could retreat to around $0.000009046.
Technical indicators support the ongoing bullish sentiment. The Moving Average Convergence Divergence (MACD) line is above the signal line, indicating a potential bull run.
Additionally, the Chaikin Money Flow (CMF) indicator at 0.17 shows strong money flow into the asset, while PEPE’s daily trading volume has grown by over 137%.
PEPE’s market sentiment suggests it may soon approach overbought levels, with the daily relative strength index (RSI) at 67.42. The daily chart shows that the short-term 9-day moving average has crossed above the longer-term 21-day MA, signaling continued bullish momentum.
