SHIB and DOGE on the Lookout; PEPE Emerges as Strong Meme Coin Competitor

Gaining significant traction and notoriety in the meme coin market, PEPE now presents itself as a formidable competitor to already-established memecoins like DOGE and SHIB. PEPE’s debut on BitMEX on May 3 “added fuel to the fire” and garnered even more attention from investors and dealers, all of which contributed to its remarkable increase in value.

The price of PEPE jumped from its intraday low of $0.0000009165 to its all-time high of $0.000001766 before encountering resistance, all thanks to the day’s rising tide of buyer interest. Despite this obstacle, bullish dominance was still in play at the time of publication, resulting in a 71.89% increase to $0.000001657.

PEPE Shows Strong Bullish Momentum

Traders capitalized on the gain, increasing market capitalization to $695,883,678 and 24-hour trading volume by 68.94% to $407,450,760. If bullish strength breaks over the resistance level at $0.000001766, the next level to monitor is $0.000002055.

PEPE/USD 24-hour price chart (source: CoinMarketCap)

The expanding Bollinger bands on the PEPEUSDT indicate higher volatility, with the upper ($0.0000016890) and lower ($0.00000006833) bands showing probable resistance and support levels, respectively.

The price action motion near the upper band may suggest that the market is nearing a potential reversal or correction since it is nearing overbought conditions.

The positive momentum is likely rising, suggesting a prospective price gain, with a Chaikin Money Flow score of 0.09 and going north in the price chart. This indicates that there is more purchasing pressure in the market than selling pressure, which might push prices upward.

PEPE/USD 2-hour price chart (source: TradingView)

In conclusion, PEPE’s rise to fame as a memecoin and its recent surge in value has solidified its position as a serious competitor in the market.

Source