- PEPE jumped 14% and became a top 5 gainer as the crypto market cap hit $3.5 trillion.
- Traders opened $15.94M in long positions near $0.00001611, showing conviction at key liquidation levels.
Pepe [PEPE], the popular crypto memecoin, has been garnering significant attention from crypto enthusiasts following its recent performance and bullish price action.
With a 14% upside rally, the memecoin has positioned itself among the top 5 gainers in the crypto market and has seen notable whale participation.
Current market sentiment
As of 23rd of May, the total crypto market cap rose by 4.53% to hit $3.5 trillion. Naturally, this broad rally lifted major altcoins, and PEPE capitalized on the momentum.
This substantial surge has influenced the majority of cryptocurrencies, with PEPE benefiting significantly.
Whale’s participation jumps by 200%
According to IntoTheBlock, transactions ranging from $1 million to $10 million and $100k to $1 million, typically linked to whales and institutions, have soared by 200% and 119.25%, respectively.
Source: IntoTheBlock
This surge in transaction size indicates rising interest from whales and their growing confidence in the memecoin.
In addition to whale participation, traders are also aligning with the current market sentiment, as revealed by CoinGlass.
Data shows that traders are over-leveraged at $0.00001399 on the lower side (support) and $0.00001611 on the upper side (resistance).
At these levels, traders built $15.94M in long positions and $3.28M in shorts around key liquidation levels.
Source: CoinGlass
Volume rises as price holds support
PEPE traded near $0.00001555 at press time, posting a 14% daily gain. Volume jumped 11%, reinforcing the strength behind the move.
The price successfully held above the $0.00001485 support, which has now flipped into a near-term base.
According to AMBCrypto’s technical analysis, PEPE appears bullish, as the recent price surge has pushed the memecoin above a key resistance level, placing it on the verge of a massive upside rally.
Source: TradingView
If the memecoin holds above the $0.0000145 level, there is a strong possibility it could continue its upward momentum and soar by 35%, potentially reaching the $0.000021 level in the near future.