The cryptocurrency market has been bullish over the past few days, with Bitcoin soaring past the $90k mark.
As usual, memecoins were among the top performers in the market thanks to their volatility.
PEPE, the native token of the Pepe memecoin, is the best performer among the top 100 cryptocurrencies by market cap during that period.
The memecoin has added 62% to its value in the last seven days and could rally higher in the near term.
Retail investors push PEPE’s price higher
PEPE is trading at $0.00000678 per coin, down 3% in the last 24 hours.
However, the memecoin has added 62% to its value over the last seven days, outperforming other major cryptocurrencies in the top 100.
The rally comes as retail demand for the cryptocurrency has increased over the past few days.
On-chain data shows that holders on Robinhood currently hold about 8.3% of the circulating PEPE supply.
According to data obtained from CoinGlass, retail traders have increased their exposure to PEPE in the futures market.
Currently, PEPE’s Open Interest (OI) stands at $484 million, up from the $446 million recorded on Sunday.
The increasing OI suggests that retail traders are increasing their exposure to PEPE and opening more long positions.
Analysts point out that the surge in derivatives data matched the rise in spot demand. This alignment increases volatility, and this could help push PEPE’s price higher in the near term.
Analyst James Wynn predicts that the leading memecoins could record massive gains in the near term thanks to the bullish market conditions.
According to Wynn, PEPE’s market cap could hit the $69 billion mark (currently at $2.58 billion) if the broader bull market holds.
On-chain data also suggests that PEPE has more buyers than sellers on exchanges over the last 24 hours.
The net buying topped $3.25 million over the past few hours, suggesting that the bulls currently outweigh the bears in the market.
In addition to PEPE, other leading memecoins, including Dogecoin (17%), Shiba Inu (15%), FLOKI (37%), PENGU (33%), and BONK (46%), were among the top performers in the market over the last seven days.
PEPE eyes breakout to $0.00000850
The PEPE/USD 4-hour chart is extremely bullish after the coin surged by almost 18% on Sunday.
The frog-themed memecoin is the best-performing among the top 100 coins by market cap and could extend its rally in the near term.
If the bullish trend continues, PEPE could rally towards the 200-day EMA at $0.00000749. An extended rally could see PEPE extend the rally to the September 25 low at $0.00000886.
The RSI at 79 means that PEPE is entering the overbought region, suggesting that the memecoin might struggle to sustain the buying pressure.
On the flipside, PEPE could face a correction and retest the resistance-turned-support zone at $0.00000650.
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