Pepe (PEPE) rose 9%, drawing interest from whales.
Key receivers
PEPE is up 9% in the last 24 hours, making it one of the top 50 cryptocurrencies by market cap.
The rally came on the back of renewed interest from whalers and retail investors.
Pepe (PEPE) extended its gains by 9% at press time as the broader cryptocurrency market recovered from a risk-off sentiment following the truce between the United States and Iran.
The frog-themed meme coin is on the rise as big-wallet investors, commonly referred to as whales, restock PEPE and retail interest continues to rise.
PEPE will rally when the broader market recovers
The cryptocurrency market's recovery is causing a shift to risk-averse sentiment, with traders becoming more optimistic.
This has brought attention to meme coins, including Pepe. According to data from CoinGlass, PEPE Futures Open Interest (OI) It has increased by 20 percent in the last 24 hours and reached $228.67 million.
This increase indicates that many traders are betting on the price of PEPE to increase in the near term.
Additionally, large wallet investors with more than 100 million PEPE tokens are steadily building their positions, indicating a long-term crash outlook.
Investors with between 100 million and 1 billion PEPE tokens now hold 10.64 trillion PEPE, compared with 10.59 trillion on February 15, according to Santiment data. Property.
Technical view: Can Pepe maintain his rally?
The 4-hour chart of PEPE/USD has rallied above the 50-day moving average (EMA) for the second consecutive day, but remains weak and ineffective.
PEPE is currently trading at $0.000003877, testing the 100-day EMA at $0.00000411, with no clear directional bias.
A critical daily candle closing above this level could pave the way for further gains, potentially reaching the 200-day EMA at $0.00000550.
The Relative Strength Index (RSI) stands at 62, suggesting moderate momentum before entering overbought territory.
Meanwhile, the Moving Average Convergence Divergence (MACD) shows an upward movement in support of the bullish trend.
However, if the bears regain control, PEPE's key support is located at the 50-day EMA, near the broken trendline, at $0.00000364.
