The crypto space is now witnessing the much-awaited ‘Memecoin Mania’ which was ignited by the brand new token PEPE. The price has soared monstrously by nearly 3000% since its inception and also lifted the other tokens within the space. Moreover, the token was listed on various exchanges, starting with Binance, which has offered the token the required boosts to propel it high.
Meanwhile, some still believe the rally could be temporary as the markets have witnessed a fractal downfall in the past few days, due to which the market participants continue to remain within FEAR. However, the current trade setup appears to be in favor of the bulls, and hence, the traders who believed the price may face a bearish pullback may get wrecked in the coming days.
The PEPE coin began to surge after consolidating within a narrow range for some days. Presently, the price bounced off the average or middle levels of the Bollinger bands and leaped high to reach the upper bands. Although the price dropped considerably below average levels, the fresh rebound that has been triggered is believed to raise the price towards the upper bands in the coming weekend.
However, the matter of concern lies within the ADX, or the strength of the rally, which is dropping, indicating the price may remain within the same consolidation as the bulls and the bears are presently passive. Moreover, the PEPE price may remain elevated despite the fact that funding rates continue to go negative and could also top amid these levels.
