The PEPE price was trading at $0.00001137, as of 3:00 am EST, after rising 12% over the last 24 hours.
The Pepe memecoin has climbed by over 40% from a low of $0.00000830 on May 13 to hit a new all-time high of $0.00001161 on Binance. This uptick in PEPE has seen it lead the gains among the top 100 cyptocurrencies by market capitalization.
Top gainers May 15. Source: CoinMarketCap
Coming in second was another memcoin, the dog-themed Floki (FLOKI), which had risen by 10% over the last 24 hours. The Solana-based memecoin, BONK was also among the top gainers after displaying a rally of 1.65% over the same period.
Pepe price analysis: Key levels to watch
PEPE price has risen more than 135% from the end of mid-April to today’s intraday high at $0.00001161. With this uptick, the Pepe memecoin has breached one all-time high after the other in an uptrend that has seen its market cap cross the $4.5 billion mark to rest at $4.78 billion, at the time of publishing.
The 50-day, the 100-day and the 200-day moving averages were facing upward, a suggestion that the uptrend was strong.
The position of the RSI within the overbought region suggested that the buyers were in control of the market.
The continued increase could see the token rise first toward the new all-time highs at $0.00001161 and later enter into price discovery as euphoria enters the market.
TradingView Chart: PEPE/USD
If this happens, all other memecoins are likely to follow suit, led by leading tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB).
On the downside, if Pepe’s price produces a daily candlestick close below the $0.0000110 psychological level, it would suggest that a short-term spike in buying pressure was a bull trap.
In such a case, Pepe’s price could drop 50% and revisit the May 1 swing low at $0.00000592.
