Meme token PEPE stayed on the uptrend on Tuesday, sustained by Monday’s all-time-high momentum to trade at $0.0000106 at the time of writing, having gained 7.7 percent in the intraday session. PEPE hit a new all-time-high price on Monday, hitting $0.0000113 before easing down to close the day at $0.00000991. The frog-themed meme coin has gained 27 percent in the last week- more than any other crypto asset in the top 200 market capitalization rankings.
It is a new paradigm in the crypto space as meme coins continue to outperform other altcoins and Bitcoin. PEPE is not the only one in this, as BOME, WIF and FLOKI have also experienced significant growth against a widespread market downturn. One meme coin, Gamestop (GAME) has risen by more than 2600% in the last week. While meme coins have previously been criticized for their lack of real utility, they have strong community support that often borders on fanaticism. This has proven critical in 2024, especially in the aftermath of the failure by the halving event to spark a market rally.
PEPE coin price rally has been consistent this year, with intermittent pauses. This has undoubtedly established it as an asset with proven ROI, and has seen it attract whale investors, who have been moving billions of PEPE tokens in recent days. This has effectively built a strong bullish momentum that will likely keep PEPE on the ascending lane in the coming days. Furthermore, with the post-halving rally still expected, it is likely that PEPE price still has a wider headroom to grow in 2024.
Technical analysis
The momentum on PEPE coin price signals a strong control by the buyers. That will likely keep the token rising if it stays above the 0.0000104 pivot level. Driven by this momentum, PEPE is likely to rise up to encounter the first resistance at 0.0000109. A continuation of control by the buyers could propel the token further up to re-test the ATH at 0.000011.
Alternatively, a move below the 0.0000104 will likely swing the control to the sellers, with support at 0.0000099. A continuation of that control could result in further declines to break the support, thus invalidating the upside narrative. Also, such momentum could propel further losses to test the second resistance at 0.0000096.
