Key takeaways
- The value of PEPE has risen by 9% in the past 24 hours, making it one of the best performing coins among the top 50 cryptocurrencies by market cap.
- This rise comes amid renewed interest from whales and individual investors.
PEPE (PEPE) extended its gains nearly 9% at press time on Thursday, as the broader cryptocurrency market recovers from risk-off sentiment following truce negotiations between the US and Iran.
As large portfolio investors, commonly referred to as whales, repackage PEPE, and retail interest steadily rises, the frog-themed meme is gaining traction.
PEPE price rises as the broader market recovers
The recovery in the cryptocurrency market has brought about a shift towards risk appetite, with traders becoming more optimistic.
This has led to renewed interest in meme coins, including Pepe. Data from CoinGlass shows that PEPE Futures Open Interest (OI) It rose 20% in the past 24 hours to $228.67 million.
This increase indicates that more traders are betting on the price of PEPE to rise in the near term.
Furthermore, large portfolio investors holding over 100 million PEPE tokens are steadily rebuilding their positions, indicating a long-term bullish outlook.
Santiment data reveals that investors with holdings of 100 million to 1 billion PEPE tokens now own 10.64 trillion PEPE, up from 10.59 trillion on February 15. Investors holding more than 1 billion PEPE tokens now control 3.64 trillion PEPE, up from 3.60 trillion in late February, fueling whale interest in the asset.
Technical Outlook: Can Pepe maintain his rise?
The 4-hour PEPE/USD chart remains bearish and inactive despite rising above the 50-day Exponential Moving Average (EMA) for the second day in a row.
PEPE is now trading at $0.000003877, and testing the 100-day moving average at $0.00000411, without any obvious directional bias.
A crucial daily candle close above this level could pave the way for further gains, potentially reaching the 200-day EMA at $0.00000550.
The Relative Strength Index (RSI) stands at 62, indicating moderate momentum with potential room for further upside before entering the overbought zone.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is showing a steady upward movement, supporting the uptrend.
However, if the bears regain control, key support for PEPE lies at the 50-day moving average, near the broken trend line, at $0.00000364.
