Pepe (PEPE) has recovered in the past week from the significant downturn the token experienced this month, booking gains of 13.5% during this period.
Trading volumes today have gone up by 1% and currently stand at $780 million, accounting for nearly 22% of the token’s circulating market cap.
Other top cryptocurrencies in the meme coin space have performed positively during this same period including Dogecoin (DOGE) and Bonk (BONK), which have seen gains of 13.2% and 19.9% in the past week.
However, in the past 24 hours, the rally has taken a breather and Pepe (PEPE) has gone down by nearly 8% to stand at $0.000008417.
The market’s recovery started last week when the Federal Reserve confirmed that two interest rate cuts were still on the table this year despite fears that Donald Trump’s hostilities on the trade front could result in higher inflation.
Moreover, the U.S. Securities and Exchange Commission (SEC) has been accelerating its agenda to embrace digital assets and create clear regulatory guidelines for the sector. Four roundtables will take place over the next three months to hear commentary and opinions from experts about how the government can better regulate cryptocurrencies.
PEPE Retraces Temporarily But is Still on an Uptrend
Moving to the chart, PEPE has rejected a move above a critical resistance at $0.00000900 but it is still on an uptrend. This rejection is normal as bulls take some profits off the table after a three-day rally.
The price made a higher high in the hourly timeframe and managed to climb to $0.00000930 before it started to go down. This is a positive indication as the market was willing to push PEPE higher.
The $0.00000820 level resistance could now turn into support to cushion PEPE’s decline today. A bounce off this level would confirm a bullish outlook for the token. Using a Fibonacci retracement as a guide, this support coincides with the 0.786 level.
Momentum indicators are not yet favoring a bullish outlook as the Relative Strength Index (RSI) remains below the signal line while the MACD shows steadily increasing momentum readings.
As the trend remains favorable for PEPE, a long position if PEPE bounces off this key support will offer the highest upside potential to traders as the token could rise to $0.0000011 during this next push.
Apart from the OG Pepe, other meme coins inspired by this same character like MIND of Pepe ($MIND) offer investors an attractive opportunity to profit as the market continues to recover.
This Crypto Project is About to Launch its Own Powerful AI Agent
MIND of Pepe ($MIND) is rapidly becoming one of the best crypto presales of the year as the project has been resilient to the market’s downturn and has still managed to raise $7.67 million from investors in just two and a half months.
This AI agent is designed to interact with users across social media platforms like X and engage in meaningful discussions. This allows it to collect insightful data that can be used by $MIND holders to navigate these challenging market conditions and take advantage of new opportunities.
In addition, the agent can mint new meme coins and give $MIND investors first-row seats to buy these assets before they are offered to the general public so they can reap the highest returns.
To buy $MIND, simply head to the MIND of Pepe website and connect your wallet (e.g. Best Wallet).
You can either swap USDT or ETH for this token or use a bank card to make your investment.
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