- The cryptocurrency market is experiencing significant movements, particularly within the meme coin sector.
- PEPE Coin and Floki Inu have shown impressive gains, with PEPE hitting a new all-time high.
- A whale recently withdrew 592 billion $PEPE ($7.95 million) from Binance, indicating strong whale activity.
Discover the latest developments in the meme coin market, including PEPE Coin’s surge and whale activity, and Floki Inu’s bullish trend.
PEPE Coin Hits New All-Time High
As the broader cryptocurrency market takes a breather ahead of the spot Ethereum ETF decision, the meme coin sector continues to surge. Among the leading meme coins, PEPE Coin (PEPE) has posted impressive double-digit gains of 28%. The world’s third-largest meme coin has been on an unstoppable rally over the past weeks. In the last 24 hours, the PEPE Coin price has surged by an additional 28%, hitting a new all-time high at $0.0000138, with its market cap soaring to $6 billion.
Technical Analysis of PEPE Coin
The daily trading volumes for PEPE Coin have surged by 90%, reaching over $4.4 billion. Technical analysis of PEPE’s daily chart indicates a potential continuation of its upward movement in the coming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are signaling bullish sentiment. Over the past 48 hours, there was a brief attempt for the MACD line to cross below the MACD Signal line, indicating a potential bearish trend. However, buyers intervened, preventing the crossover and causing the MACD line to rebound above the Signal line. Since then, the MACD line has been diverging further from the Signal line.
Furthermore, the RSI, currently above 50, suggests that buyers are exerting more influence than sellers in the market. However, traders should be cautious as the RSI also indicates that PEPE may be overbought, warranting careful monitoring of this technical indicator.
Whale Activity in PEPE Coin
On the other hand, PEPE Coin whale activity remains strong. An individual with a significant holding withdrew 592 billion $PEPE ($7.95 million) from crypto exchange Binance approximately one hour ago, likely acquired during the recent price surge over the past two days, as reported by Lookonchain.
FLOKI Inu Price Rally
In the last 24 hours, the FLOKI price has rallied by over 11%, trading at $0.0002332 with a market cap of $2.2 billion. The FLOKI price is on its way to challenge its all-time high levels after it failed to cross the last time in March. Moreover, the daily trading volume for FLOKI has also surged by 110% to $825.94 million.
Technical Indicators for FLOKI Inu
FLOKI is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming a bullish uptrend. Furthermore, the 50-day SMA has crossed above the 200-day SMA, forming a golden cross around $0.0001744, which further reinforces the bullish sentiment. The Relative Strength Index (RSI) has surged from the 50-midline level to 72, signaling significant buying pressure and indicating an advantageous position for buyers over sellers, suggesting a buying opportunity.
Conclusion
The recent surge in PEPE Coin and Floki Inu highlights the dynamic nature of the cryptocurrency market, particularly within the meme coin sector. With PEPE hitting new all-time highs and significant whale activity, and FLOKI showing strong bullish indicators, investors should stay informed and cautious. Monitoring technical indicators such as MACD and RSI can provide valuable insights for making informed trading decisions. As always, conducting thorough market research and staying updated with the latest developments is crucial for navigating the volatile crypto landscape.
