PEPE Price Surges 2.1% Following CZ’s Statement on Future Plans
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The Pepe (PEPE) price has jumped 2.1% in the last 24 hours to trade at $0.00001099 as of 6:30 a.m. EST on a 16% surge in trading volume to $2 billion, with the market cap now at $4.6 billion. Pepe is gaining momentum today, with a significant price after Binance co-founder and former CEO Changpeng Zhao outlined his future plans in his first detailed tweet since being released from prison in the US after serving a 4-month sentence.
Zhao said he plans to “relax for a while” before deciding his next steps. He remains positive about the future, believing it holds more opportunities. The billionaire also shared that he will focus on Giggle Academy, an educational project that’s been doing well so far. He said it will be a “big part” of his life in the coming years. Additionally, he plans to devote more “time and funding” to charity.
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— CZ 🔶 BNB (@cz_binance) March 19, 2024
PEPE is currently making impressive gains, with the price rising by 17% in the past 24 hours to reach $0.0000104—the highest level in nearly two months. This also marks a 31% increase since Monday. Earlier today, PEPE closed above the $0.000010 mark on the 4-hour chart, which has bulls feeling optimistic. They are now watching if PEPE can close above this level daily.
Spot trading volumes have also increased by 41%, reaching $1.2 billion, making PEPE the third most traded meme coin. Additionally, open interest has risen by 29% to $163 million, indicating a surge in speculative buying. With excitement around PEPE growing, the main question is: How far can this meme coin go?
Pepe Statistics
- Pepe price: $0.00001099
- Market cap: $4.6 billion
- Trading volume: $2 billion
- Circulating supply: 420 trillion
- Total supply: 420 trillion
Pepe Price Bulls Prepare for a Further Bully Rally
The Pepe price has been on a steady upward trend, with bullish investors driving it up from the $0.000007927 support zone, forming a bullish breakout at the upper trend line of the falling wedge pattern. This movement suggests a potential bullish reversal, indicating the trend might be shifting from bearish to bullish.
The market trades above the 50-day and 200-day simple moving averages (SMA) on the daily chart. BSMAs act as crucial support levels and signal the potential for a bullish trend. If the bulls maintain their momentum, the SMAs will continue flowing, adding hope for a bully rally to occur.
Technical Indicators Signal Bullish Trend Continuation
The Relative Strength Index (RS) indicates a potential bullish crossover as it flows above the 70-overbought level. The RSI flowing at 70.06 resembles the bulls in charge of the mark, which may lead to a further bullish surge for the Pepe price. The Moving Average Convergence Divergence (MACD) also offers evidence of a potential bullish crossover. The green histogram is increasing in number and size. On the other hand, the blue dressing above the orange signal line.
The bulls demonstrate their strength by pushing the price higher, preventing the bears from dragging it down to the support level. If the bulls can maintain this momentum, the market could reach a target price of $0.00001786. However, if the bears regain control, they could apply pressure, forcing the bulls to retreat to the $0.000007031 support level, which coincides with the pennant’s lower trendline.
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