The meme coin market is on the move, with Pepe ($PEPE) seeing a price surge of 17% since Monday.
$PEPE is trading around the $0.00000124 level, with holders optimistic that this could begin an extended uptrend.
Meanwhile, Wall Street Memes’ presale continues to gain momentum, having now surpassed the $23 million fundraising milestone.
$PEPE Shows Signs of Recovery After Sustained Drop
After a sustained drop since July 14, $PEPE has posted three bullish daily closes in a row and looks likely to be heading for a fourth.
The last time this occurred was in mid-June when $PEPE soared 95% in under one week.
Price has formed a minor support level around $0.00000106, using it as a springboard to push higher.
However, $PEPE bulls will need to be wary of the 20-day Exponential Moving Average (EMA) lingering just ahead.
This indicator could act as a resistance level, as it has proved to be a stubborn obstacle for $PEPE in previous rallies.
A decisive daily close above the 20-day EMA would be a positive technical sign and set the stage for $PEPE to push back towards July’s high.
With CoinGecko sentiment analysis showing that 74% of the community is “feeling good” about Pepe coin’s prospects, there’s a growing belief from holders that $PEPE could be set for a positive few weeks ahead.
Speculative Interest & Positive Projections Boost $PEPE’s Prospects
There doesn’t seem to be any clear catalyst for $PEPE’s recent price increase other than a return of speculative interest in meme coins.
$PEPE has benefited from the meme coin tailwinds, with traders now looking to dive back into the space in search of sizable returns.
According to CoinMarketCap, the meme coin market’s value increased by 1.05% over the past 24 hours, reaching $18.4 billion.
This indicates a resurgence in the meme coin space, which had stagnated during t
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Author: BeInCrypto Team
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