Insights Analysis PEPE is Leading the Memecoin Frenzy

PEPE is Leading the Memecoin Frenzy

May 6, 2024 Analysis
BITmarkets | PEPE is Leading the Memecoin Frenzy

The frog-themed cryptocurrencies are currently the strongest performers in the crypto market. After Bitcoin reclaimed the significant $60,000 level, frog coins showed considerable strength, particularly on Decentralized Exchanges.

The leading frog meme coin, Pepe, is nearing a new all-time high with a market cap of $3.5 billion.

Daily time frame analysis

PEPE1

PEPEUSDT - 1 Day Time Frame

While lower-cap frog coins are outperforming Pepe, Pepe's higher market capitalization and strong community support have been driving significant price movements. The price recently dipped to the 100-day moving average (MA), using the previous all-time high (ATH) as robust support.

Notably, Pepe quickly reclaimed its position after the "day of war" fear, uncertainty, and doubt (FUD) event. Following the recovery, it retested the 50-day MA and used the FUD high as strong support.

Hourly time frame insights

pepe2

PEPEUSDT - 1 Hour Time Frame

The blue area marks a local top, which has historically served as resistance multiple times, hence the recent rejection. Despite this, Pepe is maintaining its lower timeframe support, although there remains some inefficiency to address.

If Pepe fails to reach a new high, the marked red line may serve as potential support, as it has on previous occasions. Additionally, Pepe has previously struggled to reclaim this price level, failing twice before retesting the war FUD highs and gradually reclaiming its position.

The blue line indicates the level where the highest volume of trading occurred since the ATH. This could act as a strong support if the red line is breached, likely providing Pepe whales with favorable entry points.

What's next?

With its strong community backing, Pepe is poised for another significant run, similar to its performance in February. Pepe and Apu Apustaja are among the most well-known and widely used memes in the crypto world, starting to gain the recognition they deserve.

Are the frog-themed cryptocurrencies set to surpass the popularity of dog-themed coins?

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