• PEPE hit $0.00001051 after marking an increase of 15.47% in the last 24 hours.

  • Arthur Hayes endorsed PEPE and bought 24.39B PEPE tokens.

The crypto market has witnessed brief bullish turns, with the market cap recording a 1.65% spike. After a 15.47% gain, PEPE chose a bullish rally for the day, breaking the previous resistance levels.

The meme coin opened the trading day at $0.000009121 and eventually led to break the resistance and climbed to a high of $0.00001072. Besides, the asset’s daily trading volume has increased by over 41% to $1.29 billion. At the time of writing, the asset was trading at $0.00001051, according to CMC data.

Notably, during the early hours, Arthur Hayes, the founder of BitMEX, revealed his new endorsement for meme coins. He mentioned three tokens in particular: Iggy Azalea’s MOTHER, cat-themed MOG, and PEPE. 

According to the on-chain data, over the last five hours, Hayes deposited 1 million USDC to Binance and withdrew 24.39 billion PEPE, worth $252K to his wallet for the first time.

Will PEPE Sustain at the Current Level?

PEPE has shown notable price momentum over the last month by gaining over 31.80%. The upward trend persists till the last seven days, with a 25.75% increase. At the beginning of the week, the asset was trading at $0.000008321. In the following days, the token’s price fluctuated and climbed to a high of $0.000008743.

If PEPE’s price could fall to $0.000009937, it will likely take the price to the downside and drop further to $0.000009303. On the other hand, if the token manages to climb and break above the current level, it might push the token toward the major resistance at $0.00001098.

PEPE price chart (Source: TradingView)

Notably, the current price momentum of PEPE reveals that it has entered the overbought zone in the market, as indicated by the RSI standing at 86.61. Besides, the daily frame of the asset suggests the bullish trend as the short-term 9-day MA and the long-term 21-day MA found below the current price. 

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