Here’s Why Pepe (PEPE) Price Is Pumping Today

Pepe (PEPE) is having a really good day in the crypto market. The meme coin has jumped more than 12% in the last 24 hours and is trading around $0.00000376 at the time of writing.

Right now, it’s the top gainer in the market. At the same time, trading activity has surged. PEPE’s trading volume is up about 114%, which means a lot more people are buying and selling the token. This usually shows that new money is coming into the market as traders try to catch the price move.

One good reason for this rally is that money is flowing from Bitcoin into altcoins. When Bitcoin slows down or goes sideways, traders look for other coins that can go faster and provide higher returns in the short term. In recent times, they are focusing their attention on meme coins like Pepe (PEPE).

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This may be happening again. The Altcoin Season Index has been increasing, which means that money is flowing into altcoins instead of Bitcoin. Large coins like Ethereum and Solana have also risen in the past few days, showing that traders are getting confident about risking their money in the market.

When this happens, meme coins usually get a lot of attention. That’s because they tend to move much faster when speculative money starts flowing into crypto. As a result, coins like Pepe (PEPE) often see big price jumps during periods like this

However, a pump in trading activity is amplifying the move. Spot trading volume for PEPE has jumped to roughly $413 million, which confirms strong demand rather than a thin liquidity spike.

There is also an increase in the derivatives market. The increase in open interest indicates that investors are making more trades in anticipation of higher price movements. If the spot market and the derivatives market increase together, it can fuel the rally.

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Here’s What the PEPE Chart Is Showing

The technical structure of PEPE is also making analysts talk. The chart appears to be forming a falling wedge pattern, which is commonly considered a bullish reversal setup.

In this formation, the PEPE price gradually compresses between two downward-sloping In this pattern, the PEPE price is squeezed between two declining trend lines before finally breaking out. When this breakout happens with heavy volume, it often results in a strong move upwards.

Top analyst Steph Is Crypto pointed out this pattern, indicating that a possible breakout could result in a strong rally.

As per the analysis, a successful breakout from the wedge pattern could result in a rapid expansion move as more traders enter to ride the momentum. This type of setup has historically produced strong moves for meme coins during bullish market phases.

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Source: X/StephIsCrypto

What Could Happen Next for PEPE

Despite the high momentum, it is expected that the market might undergo a short phase of cooling off. The current RSI for the 14-day chart for the PEPE token is at 84, which indicates that it is overbought. It is expected that the asset might undergo a short phase of consolidation as it reaches such high levels.

A strong level for the asset to touch is at $0.00000353, as it is near the seven-day moving average. If the PEPE price of the asset undergoes a correction and holds at this spot, it could potentially create a base for another push towards this high at $0.0000038.

However, if this price does fall lower than this spot, it could potentially create a doorway for a correction lower.

For now, the overall trend is still dependent on the strength of the altcoin market. As long as capital continues to flow out of Bitcoin and into speculative assets, meme coins such as PEPE have the potential to continue being among the biggest winners in the current market trend.