PEPE ($PEPE) Breaks Significant Price Level as Memecoin Mania Causes Buzz

Pepe ($PEPE) has shattered its previous all-time high, riding the wave of renewed enthusiasm in the memecoin market.

The frog-themed memecoin Pepe (PEPE) has seen a slight retracement after a minor bearish sentiment in its daily timeframe. However, the memecoin has managed to stay afloat despite the bearish activities, as depicted by the intermittent bearish candles. This pattern showcases persistent buying pressure and hints at sustained investor confidence.

In the last 24 hours, Pepe has gained 3.38%, hovering around $0.00002128, and the market cap is at $8.92 billion. Also, over the past week, the meme coin recorded gains of 70.50%, showing notable resilience in the memecoin market.

PEPE Price Analysis: Pepecoin Relative Strength Index Shows No Sign of Waning

Pepe is extremely overbought, with the Relative Strength Index (RSI) around 86. This setup suggests the coin might be due for a price correction or consolidation.

However, despite the overbought condition, there are currently no clear signs that its RSI is poised to drop back to neutral (between 30 and 70) or move into the oversold territory (below 30).

Such sustained overbought conditions can imply that buyers are optimistic, supporting the potential for further upward price movements before any major reversal. But traders should be cautious and monitor the market closely.

Until then, Pepecoin may capitalize on the bullish momentum before the typical effects of the market condition begin.

Besides PEPE, another revolutionary memecoin with a unique style, FreeDum Fighters $DUM, could be worth grasping ahead of the buzzing meme coin mania.