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PEPE Token Attracts Attention with Strong Rise: Is This a Bull Trap?

  • Popular memecoin PEPE is suddenly revived. PEPE stands out with a remarkable rally of 35% in one day.
  • The cryptocurrency market is experiencing a 6% growth with the increasing adoption of Bitcoin and BlackRock’s Bitcoin ETF application.
  • PEPE’s value has risen in response to the increasing enthusiasm in the cryptocurrency sector. The crypto fear and greed index, along with the greed tendency, has risen to 60 as most cryptocurrencies experience a rise.

Popular memecoin PEPE’s price has increased following the rise in Bitcoin after a long period of decline.

PEPE Token Increased by 35%!

pepe memecoin

Popular memecoin PEPE is suddenly revived. PEPE stands out with a remarkable rally of 35% in one day. This unexpected rise has created a wave of excitement among crypto enthusiasts and awakened investors who have suspended their hopes for a bull rally. The bull rally, highlighting the value and superiority of PEPE, proved that every cryptocurrency has a striking potential for a comeback.

The cryptocurrency market is experiencing a 6% growth with the increasing adoption of Bitcoin and BlackRock’s Bitcoin ETF application. Altcoins are also rising rapidly. One of the best performers, PEPE, has risen by almost 35% and investors are optimistic about PEPE reaching a market value of 1 billion dollars again.

The rise in PEPE’s price is happening with more crypto investors joining the PEPE ecosystem. Etherscan data shows that there are currently over 120,000 token holders. PEPE reached a significant value of 944 million dollars in just 24 hours, experiencing a significant increase in trading volume. This rise led to an extraordinary 35% growth in PEPE value in the last 24 hours.

PEPE’s value has risen in response to the increasing enthusiasm in the cryptocurrency sector. The crypto fear and greed index, along with the greed tendency, has risen to 60 as most cryptocurrencies experience a rise. Bitcoin successfully surpassed the significant resistance of 30,000 dollars. However, the recent increase in PEPE price driven by Fear of Missing Out (FOMO) could potentially be a bull trap and could lead to a significant loss for investors in the near future.

What to Expect for PEPE Price?

PEPE’s upward trend began after reaching a 7-week low level of $0.00000082 on June 15. Despite the initial bullish reaction, the rally gained momentum only five days later. Although the recovery was supported by Bitcoin’s rally, PEPE could not keep up with Bitcoin’s rise due to a decrease in trading volume.

However, on June 20, PEPE surpassed the level of $0.0000010, benefiting from the price increase of Bitcoin. The trading volume, exceeding 944 million dollars in 24 hours, indicates a revival of investor interest. At the time of writing, PEPE is trading at $0.00000162.

If PEPE maintains its momentum above $0.00000165, it can trigger increased buying pressure and move the RSI into a more bullish zone. A breakout above $0.00000176 could ignite another significant rally towards a new high.

On the other hand, falling below the immediate support level of $0.00000122 could lead to a sharp decline due to intense selling pressure.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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