PEPEcoin Reaches New ATH
Source: CoinStats
PEPEcoin price experienced a significant rally, reaching a new all-time high (ATH) on May 21 amid a broader market movement. The meme token, popular during the memecoin mania in March, had been consolidating for some time.
The price of PEPEcoin started surging on May 20 and continued its upward momentum on May 21, reaching a new record high. Since May 20, the price has increased by over 46% to $0.0000129 on May 21.
PEPE Price Faces Resistance at ATH
Typically, when a crypto asset hits its ATH, profit-taking bears come into play. PEPEcoin struggled to maintain its price above $0.0000129, leading to a pullback.
If the selling pressure persists, the memecoin’s price could drop to the 0.382 FIB support near $0.00001. Failing to hold above this level might impact investor confidence, potentially pushing the price to test the 50-day EMA support at $0.0000082.
On the other hand, if PEPEcoin continues its upward trend, it could rally towards the resistance near $0.000014. Breaking above this level could target the next resistance at $0.000018 before a correction sets in.
The relative strength index for PEPEcoin indicates overbought conditions post the recent rally, scoring 74.56 on daily charts. An overbought RSI level is often seen as a bearish signal, hinting at a possible reversal or consolidation phase.
Factors Driving PEPE Coin’s Surge
One of the key drivers behind PEPEcoin’s surge was the hype around Ethereum’s price, which climbed to $3,800 amid speculation of a Spot ETH ETF approval. As a meme coin on the Ethereum blockchain, PEPE benefited from the positive sentiment surrounding Ethereum.
Similar to PEPEcoin, other memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) also saw price increases, reflecting traders’ optimism in the overall crypto market. Traders have been using meme coins as bets on the growth of major cryptocurrencies, particularly Ethereum.
