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The rising demand for memecoins amid anticipated altseason has helped Pepe price regain bullish sentiment.
On-chain data shows Pepe has recorded a significant increase in large transaction volume.
The gradual Bitcoin (BTC) price rebound has increased the appetite for risky crypto assets, led by memecoins such as Pepe (PEPE). The anticipated altseason in the coming weeks has increased the speculative FOMO trading across the wider crypto market.
Moreover, the total crypto Open Interest (OI) surged from around $91 billion on April 9 to about $120 billion on Tuesday, April 29. With the global trade negotiations moving in a positive direction, the demand for inflation hedge assets, led by Bitcoin, is expected to grow exponentially in the coming months.
Midterm Expectations for Pepe Price
For the last few weeks, Pepe price has experienced a significant decline in selling pressure. As a result, Pepe price is about to record the first monthly bullish close, if the frog-themed memecoin closes above $0.00000784 in the coming days.
In the daily timeframe, Pepe price has gained bullish sentiment after establishing a robust support level above $0.0000057. Moreover, the daily Relative Strength Index (RSI) has formed a bullish divergence coupled with a double bottom. Additionally, the daily MACD line has already crossed the zero line at the time of this writing.
Market Outlook
According to market data analysis from Intotheblock, Pepe memecoin recorded a $430 million surge in large transaction volume in the last seven days. The mid-cap memecoin, with a fully diluted valuation of about $3.7 billion and a 24-hour average trading volume of around $450 million, recorded a high correlation with Bitcoin price action in the past 30 days.
With Bitcoin’s price on the cusp of a bullish breakout toward a parabolic phase in the near future, it is safe to assume that Pepe’s price is ready for a rally toward a new all-time high.