PEPE has exceeded expectations, outperforming most cryptocurrencies in the market as it mirrors its 2023 rally. Despite the massive liquidations recorded in the past 24 hours, PEPE covered substantial grounds, ascending to a new all-time high of $0.00001554.
This unexpected performance has gained it a place among the hottest tokens in the crypto market. Moreover, CoinMarketCap data reveals that PEPE’s market cap is above $6 billion, higher than Internet Computer Protocol (ICP). Below is a rundown of PEPE’s trajectory as investors remain optimistic about its future.
PEPE Attains New ATH Value Today, Boosting Investors’ Optimism
PEPE’s resurgence has propelled it to a new all-time today, May 23. Crypto trader KALEO attributes PEPE’s gains to Ethereum’s rally. Speculation surrounding the approval of spot Ethereum ETFs has given the market a positive outlook, thus influencing PEPE’s price.
Also, another analyst, Plazma, believes that PEPE’s price discovery should persist for the next few weeks. However, he says there will be breaks and normal retracements for a few days. Additionally, Plazma believes that PEPE will likely double or triple its value in the coming weeks.
Also, crypto analyst Matthew Hyland shares a positive sentiment about PEPE. According to Hyland, PEPE might be the best meme coin to invest in as the market anticipates a spot Ethereum ETF approval.
While the ETF hype is aiding PEPE, the US House has now approved the FIT21 crypto bill. This crypto regulation bill seeks to exclude cryptocurrencies from several securities regulations. However, only sufficiently decentralized cryptocurrencies will be considered.
This development of clearer regulations seems to be positively influencing the market. Meanwhile, PEPE is facing pressure from sellers, as Coinglass data reveals that $8.46 million was recorded in PEPE liquidations. These liquidations are likely from investors seeking to cash in on the price surge.
Further, PEPE’s future and options Open Interest (OI) increased by 2.41% while the derivatives volume decreased by 24.64%. While these factors make PEPE’s price volatile, it still trades in the green. As of 7:38 AM EST, PEPE trades at $0.00001433, increasing by 4.9% within 24 hours.
PEPE Approaching $0.00001491 Resistance Level, Will It Rally to $0.00001500?
PEPE has displayed an impressive performance in the past few days, with a notable increase in 24 hours. It has rallied to a new all-time high today, flipping the $0.00001341 resistance to support. Currently, PEPE is attempting to break above the $0.00001491 price level. If the buyers prevail, it will likely reach $0.00001500.
Also, PEPE is trading close to the upper band of the Donchian Channel (DC), which is a strong bullish signal. Additionally, the RSI indicator is rising and has entered the overbought region above 70, with a value of 75.87.
This is also a strong bullish signal, indicating that the buyers are not ready to relent. Therefore, PEPE will likely break above $0.00001500 in the coming days. However, traders must be wary of price volatility and retracement since PEPE is already in the overbought zone.
