Pepe (PEPE) Price Explodes 7.09% as Market Cap Nears $500M

The Pepe price is experiencing an upward movement today. The meme coin trades at $0.0000057249, a 7.09% gain over the last 24 hours.

The price of Pepe (PEPE) is up today. At press time, PEPE is trading at $0.057249, a 7.09% gain over the last 24 hours. It also shows a massive volume growth of 40.24% to $817.66 million, according to data from CoinMarketCap.

The meme coin has seen a surge in interest recently, which is likely driving the price up. If this trend continues, $PEPE may attempt to break through a key resistance level.

Technical analyst Dylan (@DylanTilLEth) spots a key technical pattern on the Pepe ($PEPE) chart: an inverse head-and-shoulders formation.

This pattern is a bullish reversal indicator, which signals that the meme coin might be on the verge of a strong upward move. The chart shows a clear neckline, which serves as resistance, and multiple attempts by $PEPE to break above it. A successful breakout above this level could potentially trigger a significant surge in price.

Dylan also notes that ‘big whales’ are accumulating as the price of $PEPE trends slowly higher.

Large investors often accumulate assets when they believe the price is undervalued or they anticipate a major price movement. If this trend continues, it could create buying pressure that propels $PEPE past the resistance level and into price discovery.

The analyst further connects the potential rise of $PEPE to how well Ethereum (ETH) will perform. If ETH’s price gains momentum, $PEPE will likely follow suit.

This correlation is not surprising, as meme coins on Ethereum generally mirror ETH’s price movements. As Ethereum increases, it can pump more money into altcoins, which favors coins like $PEPE.

According to TradingView data, the PEPE price rose steadily yesterday to a high of $0.00000755 before decreasing slightly. This pattern suggests that buyers are in control, but traders should be prepared for potential resistance at the $0.000008-$0.000009 levels.

If the PEPE price manages to pierce through this resistance with strong volume, it could pave the way for further upside towards $0.00001 and beyond. Conversely, if it fails to hold support at the current level, it might experience a decline and retest the $0.0000065-$0.0000060 area.