
Amidst optimistic optimism on the wider market, Pepe currency (PEPE), a well-known Ethereum-based meme currency, keeps up its upward climb. As shown by the Relative Strength Index (RSI), PEPE is displaying indications of a possible short-term reversal notwithstanding current momentum.
What RSI reveals
A popular momentum indicator for identifying short-term reversal points at the conclusion of each rally is the Relative Strength Index. In order to determine if a digital asset is overbought or oversold, it evaluates the magnitude of recent price fluctuations.
The meme currency in the present PEPE scenario is overbought, as shown by its RSI value of 87.7. An overbought situation is often indicated by an RSI reading of 70 or higher, whilst an oversold situation is indicated by a value of 30 or below.
A possible price reversal is typically indicated by an overbought condition. But as other optimistic patterns suggest, PEPE’s reversal could only be temporary. For example, the 24-hour trade volume climbed to $22.29 billion, a 366.84% rise. This massive jump points to increased activity, which, if maintained, might support further price gains.
At $8.8 billion, PEPE is currently the 15th-largest digital asset by market capitalisation as a result of the recent surge. This figure is just a little less than SUI’s $9.3 billion market capitalisation. In the meantime, PEPE’s price has risen to $0.00002133, a 57.64% increase in the last day.
PEPE seeing increasing acceptance
The utility of the meme currency was recently expanded when Robinhood Crypto Europe introduced live transfer possibilities for PEPE.
Through this service, European consumers may deposit and withdraw PEPE straight from Robinhood’s cryptocurrency platform. Additionally, a temporary 1% deposit incentive is offered to entice clients to engage in PEPE transactions.
Paul Grewal, the Chief Legal Officer, confirmed in a separate update that PEPE will launch on Coinbase. PEPE’s most recent surge was probably aided by this statement, which has strengthened investor confidence in the company.