PEPE is slightly down after having attained an ATH of $0.0000142. It reached its peak with an uptick of 20%. While it has retraced to a downfall, the token is still up by 19.12% in the last 24 hours, exchanging hands at $0.00001319. What remains to be seen is where PEPE moves after its ATH. An ideal scenario states that it will aim to mark another major milestone with a resistance of $0.000025. Another circumstance states that it could enter a correction phase for a while before rebounding to a bull run.
This comes at a time when the number of holders has increased significantly, and PEPE is one of the most traded cryptocurrencies on Binance. Its bullish performance stretches the timeline of 3 months, only to show that a correction phase is in sight. It also builds on the fact that the market is uncertain, and volatility is likely to prevail for a little longer.
For PEPE, the token will test a higher resistance level. The short-moving average and the relative strength index support the predicted performance, indicating the potential for a bull run. The SMA is on a yellow line, and the RSI is above 65 points.
There has been an increase in Open Interest to more than $121 million, delivering a hint of significant cash inflow. The number of holders is up from 221,540 to 221,830.
The performance is also credited to the trend within the meme coin market. The segment has strongly reacted to the possibility of the Spot Ethereum ETF being approved. Ethereum-based meme coins are up between 5% and 30%. Dogecoin (DOGE) has also shown strong momentum and is up by 15.20% in the last 7 days, despite noticing a slow pace in the last 24 hours for a jump of 3.14%—all numbers are true at the time of writing this article.
A strong surge is simultaneously evident on Ether. The token has increased by 3.22% in the last 24 hours and 29.43% in the last 7 days. Analysts have increased the possibility of ETF approval from 25% to 75%. The SEC, however, has not given any official hint on the matter. If anything, the conversation between the Commission and applicants looks cold.
LADYS is another significantly higher Ethereum-based token. It has jumped by 18.14% in the last 24 hours and 50.82% in the last 7 days. At press time, the token’s value was $0.0000002069.
The market has indeed reacted strongly to the possibility of ETF approval. The next deadline is May 23, 2024, with VanEch awaiting the agency’s verdict. The agency will decide the fate of other applicants in the coming days.
Until then, it is PEPE, along with other meme coins and cryptos based on Ethereum.
