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PEPE soars and delivers appreciation of 1,500% in the year
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THE PEPE, frog-themed memecoinrecorded an increase of more than 10% in the last 24 hoursstanding out amid the volatility of the cryptocurrency market at the end of 2024.
While assets like Bitcoin and Ethereum face difficulties in sustaining important psychological levels, PEPE advanced from $0.000017 to $0.000021 between Monday and Tuesday, according to data from CoinGeko.
This performance places PEPE as the most valued asset among Top 20 cryptocurrencies on the last trading day of the year. With an accumulated return of 1,500% in 2024 and a market capitalization of US$8.3 billionmemecoin ends the year as the third largest project in the segmentbehind Dogecoin (DOGE) and Shiba Inu (SHIB).
The significant increase in the price of PEPE has intrigued analystsraising questions about the sustainability of this movement. According to the platform’s on-chain data IntoTheBlockthere was an unusual increase in theactivity of large investorswith a transaction volume of US$ 121 million registered on Monday.
This number represents the highest weekly volume of transactions involving large wallets on the PEPE network in more than a month. The timing of the negotiations suggests a accumulation strategy by these investors. They may have took advantage of the low market liquidity to boost prices.
Although demand from whales has been a catalyst to the recent high, it remains uncertain whether this movement will continue.
Despite the good performance, technical indicators suggest that the upward movement may face difficulties. This is because PEPE approaches the resistance of $0.000025. In December, this price zone had a strong selling pressurewhich contributed to the market decline.
The MACD (Moving Average Convergence Divergence) indicator points to a moment of high limitedwith shallow peaks indicating low demand and weak trading volume. The RSI (Relative Strength Index) is in 53.08signaling neutral conditions, but still far from overbought territory.
If the PEPE memecoin manages to break the $0.000025 resistance, the next target would be $0.000030. But the movement will depend on a significant increase in interest in whales or a change in market sentiment as a whole. However, if it fails to overcome this barrier, memecoin may enter a phase of consolidationwith immediate support in $0.00002006 and lower limits in $0.00001846 and $0.00001441.
PEPE soars and delivers appreciation of 1,500% in the year
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PEPE soars and delivers appreciation of 1,500% in the year
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PEPE soars and delivers appreciation of 1,500% in the year
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PEPE soars and delivers appreciation of 1,500% in the year
