While the broader cryptocurrency market takes a pause forward of the spot Ethereum ETF determination, the meme coin sector continues to push forward with a robust upside. Among the highest fives meme cash, PEPE Coin (PEPE) and Floki Inu (FLOKI) have registered double-digit features of 28% and 12% respectively.
What’s Behind the PEPE Coin Rally?
The world’s third-largest meme coin – PEPE – has been on an unstoppable rally over the previous weeks. In the final 24 hours, the PEPE Coin worth has surged by a further 28% hitting a brand new all-time excessive at $0.0000138 and its market cap hovering all the way in which to $6 billion.
Also, the day by day buying and selling volumes for PEPE Coin have surged by 90% all the way in which over $4.4 billion.
Technical evaluation of PEPE’s daily chart signifies a possible continuation of its upward motion within the coming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are signaling bullish sentiment.
Over the previous 48 hours, there was a short try for the MACD line to cross beneath the MACD Signal line, indicating a possible bearish pattern. However, patrons intervened, stopping the crossover and inflicting the MACD line to rebound above the Signal line. Since then, the MACD line has been diverging farther from the Signal line.
Furthermore, the RSI, presently above 50, means that patrons are exerting extra affect than sellers out there. However, merchants needs to be cautious because the RSI additionally signifies that PEPE could also be overbought, warranting cautious monitoring of this technical indicator.
On the opposite hand, the PEPE Coin whale activity stays sturdy. An particular person with a big holding withdrew 592 billion $PEPE ($7.95 million) from crypto alternate Binance roughly one hour in the past, possible acquired through the latest worth surge over the previous two days, as reported by Lookonchain.
A whale withdrew 592B $PEPE ($7.95M) from #Binance 1 hour in the past, probably purchased through the worth enhance over the previous 2 days.https://t.co/zeCAtBN8fj pic.twitter.com/jxVEu4WBCq
— Lookonchain (@lookonchain) May 22, 2024
The FLOKI Inu Price Rally
In the final 24 hours, the FLOKI price has rallied by over 11% buying and selling at $0.0002332 with a market cap of $2.2 billion. The FLOKI worth is on its strategy to problem its all-time high ranges after it didn’t cross the final time in March. Moreover, the day by day buying and selling quantity for FLOKI has additionally surged by 110% to $825.94 million.
FLOKI is presently buying and selling above each 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 round $0.0001744, which additional reinforces the bullish sentiment.
The Relative Strength Index (RSI) has surged from the 50-midline stage to 72, signaling vital shopping for strain and indicating an advantageous place for patrons over sellers, suggesting a shopping for alternative.
The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.
