Pepe leads the memecoin rally as Bitcoin’s recovery drives bullish momentum in the market - IcoHolder.
The memecoin industry has entered a renewed bullish phase, with Pepe (PEPE) leading the charge. Following Bitcoin’s (BTC) impressive rebound in the last 24 hours, Pepe has gained significant traction among investors. This mid-cap memecoin, boasting a fully diluted valuation of $7.2 billion and a 24-hour trading volume of $1.2 billion, has bounced back from a crucial support level, signaling a bullish outlook.
On a weekly timeframe, Pepe's price chart shows a consistent upward trajectory, marked by higher highs and higher lows, reinforcing its bullish trend.
Pepe has increasingly attracted whale investors, buoyed by its status as a highly liquid memecoin with over 380,000 on-chain holders. The token's listings on major exchanges like Binance, Kraken, OKX, and Coinbase have bolstered its global accessibility.
Notably, on-chain analysis from Spot On Chain revealed that a bullish whale recently withdrew 1.08 million Pepe units, valued at $18 million, over just two days. This accumulation highlights the growing confidence among large investors in Pepe’s potential.
From a technical analysis perspective, Pepe’s price is approaching the apex of a bullish triangular pattern. On the daily timeframe, Pepe has rebounded from the 50-day Moving Average (MA), indicating the possibility of a significant upward movement. Additionally, the four-hour chart shows a rising Relative Strength Index (RSI), further underscoring the token's bullish momentum amid broader market corrections.
The broader cryptocurrency market, including altcoins like Pepe, continues to closely follow Bitcoin’s movements. If Bitcoin successfully breaks the critical $108,000 resistance level, it could usher in a period of heightened bullish activity across altcoins, sparking the much-anticipated "altseason." Analysts point to Bitcoin's macro reversal pattern as a key factor in driving this next wave of market volatility.
As memecoins like Pepe lead the charge, the market’s focus remains on Bitcoin’s performance as the linchpin for future gains across the crypto space.
