Frog-themed meme coin Pepe (PEPE) has seen a significant price increase in the last 24 hours. PEPE was up 13.22% in the previous 24 hours to $0.00000125 at the time of writing.
Notably, according to CoinMarketCap data, PEPE is the highest gainer among the top 100 cryptocurrencies.
In terms of daily increases, PEPE is surpassing Shiba Inu. Shiba Inu is the second highest gainer among the top 100 cryptocurrencies, up 10% in the last 24 hours.
Lookonchain, a blockchain analytics platform, indicates significant whale activity in the run-up to the PEPE price hike.
According to Lookonchain, a whale, or major holder, purchased one million USDC to purchase 807 billion PEPE at $0.000001239 just hours after the price of PEPE surged.
PEPE looks ready for "pump"
As PEPE appears to be making a comeback after a period of stagnation in recent weeks and months, crypto analyst Ali highlights what to keep an eye on.
Ali highlights the fact that PEPE might be ready for a big move as a crucial indicator, the TD Sequential, has flashed a buy signal.
$PEPE looks ready to pump!— Ali (@ali_charts) August 9, 2023
The TD Sequential presented a buy signal on the daily chart, with the first target at $0.00000138. A sustained close above this level could propel #PEPE to $0.00000159.
Keep an eye on invalidation at $0.00000113! pic.twitter.com/MyUalfGG4u
"PEPE looks ready to pump. The TD Sequential presented a buy signal on the daily chart, with the first target at $0.00000138. A sustained close above this level could propel PEPE to $0.00000159.Keep an eye on invalidation at $0.00000113," Ali tweeted.
PEPE is set to mark its second day of price increases after rebounding from lows of $0.00000105 on Aug. 7. The frog-themed cryptocurrency has reached intraday highs of $0.00000126 as of today's session, although it is still quite a way from Ali's first target of $0.00000138.
PEPE might take a shot at $0.00000159 if it sustains a close above this level. However, as Ali points out, the $0.00000113 level holds the key to PEPE's further gains, so validation at this level might be necessary.
This implies that PEPE has to hold above this level to further its price gains. On the other hand, if PEPE fails near this level, support is expected at about $0.00000105. In this case, PEPE may continue to trade in the range for some time.