Pepe earns 30% in a week when the trading volume of memecoin explodes

Pepe (PEPE), an Ethereum-based memecoin, rallied more than 31% in the past week as memecoins recovered across the board.

Currently trading at $0.00001076, PEPE has reached its highest value since August 3rd, marking a 68% breakout from the September 6th area low.

Trading activity also increased in line with the increase in PEPE prices. PEPE spot trading volume peaked at $1.3 billion on September 27, up 35% over the past 24 hours and 316% over the past seven days.

Its market capitalization has also returned to the $4 million mark, confirming that it is the third largest memecoin in the world.

On September 27, the most sold memecoin was Dogecoin (DOGE) in volume, which exceeded 700 million dollars.

Finally, after several weeks of sideways price action, PEPE seems to be finding its footing.

Memecoins will glow green across the board.

The PEPE rally on September 27 shows significant price movements across the entire memecoin sector. Most of the cryptocurrencies in this sector posted double-digit gains last week. DOGE and Shiba Inu (SHIB), the leading memecoins, jumped 20.7% and 50% in the past seven days.

Solana-based Dogwifhat (WIF) posted a 31% weekly gain, while Base Brett (BRET) rose 28% over the same period.

This widespread rally pushed the total memecoin market value to $53.7 billion, a jump of 34.5% last week, according to CoinMarketCap data.

Also, more than $8.5 billion in memecoin trading volume was recorded in the last 24 hours alone. The resurgence is led by investors embracing risky assets like memecoins.

Data from Alternatives, a platform that analyzes “feelings and sentiments” around cryptocurrencies, shows market sentiment as the Crypto Fear & Greed Index entered the “greed” zone at 61, 30 months ago. “fear”

PEPE emerges from a bearish pattern

On September 20, PEPE price broke out of a descending parallel channel, fueling strength as it reversed to support the 50-day, 100-day and 200-day moving averages (EMAs).

“The price of $PEPE has broken out of the descending channel,” noted analyst Cryptojack said in a briefing. 27 Ex Post, “I expect it to continue to flow.”

In the short term, bulls may continue to return to the main resistance level at $0.00001260.

A sharp rise in the relative strength index and its position at 73 reinforces the dominance of buyers in the overbought region.

However, the overbought conditions may facilitate profit-taking by creating a small correction before PEPE continues to rise.

The most important support zone is located above the trend line of the upper boundary of the channel, where all major EMAs are currently positioned.

Missing this support interaction could create bearish conditions, with possible downside targets between $0.00000668 and $0.00000596.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.