Pepe (PEPE) Skyrockets 62% in Volume, What's Happening?

Pepe (PEPE) is witnessing bullish momentum today. The meme coin has skyrocketed over 62% in its 24-hour trading volume, standing around $846.23 million. This latest surge shows that bulls are gaining control of the market as the PEPE price rebounds after the recent correction.

As of press time, Pepe coin is trading at $0.000009454. This comes after a notable jump of 5.61% in the last 24 hours. Additionally, the market cap of the coin has surged 5.59% to $3.98 billion. This makes PEPE the 25th largest coin on the market in terms of market cap.

However, it should be noted that the price of Pepe token is down 21.07% over the last 30 days. The crypto market witnessed a severe crash in previous weeks. PEPE also struggled during this time. But the good thing is that this crypto market downtrend seems to be over. Consequently, Pepe's price is surging today to achieve a notable recovery.

Pepe price sees bullish momentum

While PEPE coin has already surged 5.61% today, there are more signals of a further price rally. Per TradingView data, the meme coin is trading above its 200-day Simple Moving Average (SMA). This level acts as a support level for PEPE, and it shows that the token is bullish in the long term.

The 200-day SMA typically indicates the long-term market movement of a coin. Despite the daily basis volatility on the market, it highlights that the meme coin is in a bullish trend in the broader outlook. In addition, the RSI of PEPE supports this technical analysis.

As of now, Pepe’s RSI is at the 44.9 level. Notably, RSI in the range of 40-50 acts as a support zone for a coin. This range also shows that the coin is in a bull market despite short-term volatility. Overall, these technical indicators confirm a bull run for Pepe token.