PEPE Breaches Local Highs With 20% Leap In Surprise Comeback

Christian Encila

2 years ago

3 mins read

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PEPE has recently made a stunning comeback by surpassing its local highs with a remarkable 20% weekly surge. This unexpected turn of events have provided some relief to investors who thought the frog-themed coin will never be able to get back on its feet again.

What has propelled this sudden comeback, and what does it signify for the future of this meme coin?

PEPE Maintains Bullish Pace As Open Interest Rises

PEPE, currently priced at $0.00000185 according to CoinGecko, has recently experienced a remarkable surge in its value. Over the course of 24 hours, the asset witnessed a notable rally of 16%, and within the span of just seven days, it soared by an impressive 20%.

Source: Coingecko

Upon analyzing the OI (Open Interest) chart from Coinglass, it becomes evident that the surge in PEPE prices was accompanied by a simultaneous increase in Open Interest. This indicates that speculators in the Futures market were not only convinced of a bullish move but were also willing to bid on the asset, expressing their confidence in its potential.

The Open Interest chart indicated that speculator sentiment continued to be robust. Source: Coinglass

Furthermore, a PEPE price report revealed that the Relative Strength Index (RSI) displayed bullish momentum. Prior to the rally, PEPE came close to testing the 50% retracement level at $0.00000135.

This observation suggests that the asset is likely to approach and potentially surpass the 23.6% and 61.8% extension levels at $0.000002 and $0.00000233, respectively.

Such indications further fuel the optimism surrounding PEPE’s recent surge and raise questions about the asset’s future growth potential.

BTC’s Role Remains Key

The recent surge in PEPE, accompanied by positive indicators and price action, has bolstered expectations of continued gains for the asset. However, it is important to consider the potential impact of Bitcoin’s price movement, as a rejection from the $30.8k-zone could potentially shift market sentiment toward the sellers.

The influence of Bitcoin, as the leading cryptocurrency, cannot be overlooked. Bitcoin often sets the tone for the overall cryptocurrency market sentiment.

Bitcoin breaches the $31K territory. Chart: TradingView.com

Should Bitcoin face a rejection near the $30.8k-zone, it could create a cautious atmosphere and shift sentiment toward sellers in the market. This scenario would likely impact PEPE and other altcoins, potentially hindering their upward momentum.

As traders and investors continue to monitor PEPE’s performance, keeping a close eye on the Bitcoin price movements becomes crucial. The interplay between these two assets could play a significant role in shaping the market sentiment and determining the future trajectory of PEPE’s price.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Answers in Genesis

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.