In the dynamic world of cryptocurrencies, meme tokens are creating waves, with PEPE coin, a deflationary currency initiated on the Ethereum blockchain, witnessing a substantial surge. Over the past seven days, the value of PEPE soared by an astonishing 80%, mirroring similar strides seen in its counterpart, the FLOKI coin. According to experts, this trend of surging meme cryptocurrency values is not new, yet it often heralds a broader market retraction.
If you want to know when a pull back is coming, just watch $PEPE. It’s literally an index for when the market is getting overheated. When people are confident enough to go there and it pumps, that’s your sign to exit. Works every time. pic.twitter.com/vMcqiddHwp
— Ran Neuner (@cryptomanran) October 26, 2023
Crypto market analyst Ran Neuner recently highlighted this pattern on his Twitter feed, suggesting an imminent broader market downturn. He underscored that historical data frequently showed significant leaps in PEPE’s value, usually preceding comprehensive market corrections. For instance, the remarkable rally of PEPE in September 2023, which escalated over 1,000% within merely a week, served as a precursor to major financial shifts. Concurrently, Bitcoin exhibited robust bullish momentum, breaching the $34,000 mark.
These meme-based digital currencies, including PEPE and FLOKI, have been at the forefront, driving the cryptocurrency market enthusiasm. The statistics from CoinMarketCap substantiate these coins’ volatile yet momentous journey, both registering an ascent of over 80%. However, history suggests caution, as these spikes have traditionally been omens of upcoming volatility.
The market’s current behavior underscores the influence of trending digital currencies and the consequential investor speculation. While the escalation in meme coins injects excitement into the crypto realm, it also brings unpredictability and speculative risk. At the press time, the Floki token was trading at $0.00003767, with a 24-hour surge of 1.67%, indicating the market’s heightened volatility.
The Pepe coin shows positive signs, soaring by 1.41% in the past seven days, with a current trading price of $0.000001203 at press time. The bullish pressure is ruling the meme coin, with chances of a further surge in the coming days. The strong resistance at $0.0000013 is the next level to watch, as it could signal a potential market correction. However, if bears take control, the support level of $0.0000010 would be a crucial point to monitor.
The technical indicators suggest that PEPE’s price may continue to rise in the short term, as the relative strength index (RSI) is above 70, indicating bullish momentum. The average directional index (ADX) also shows a steady uptrend, signaling a potential price surge. The market sentiment for PEPE is positive, with most moving averages in the upper range, indicating potential buying opportunities. The 50-SMA and 100-SMA are well above the price, indicating strong support levels.
