PEPE Gained 20% in One Day, What Could Be Behind the Rally?
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PEPE, the frog-themed meme coin launched in May 2023, rallied significantly yesterday. Data from Tradingview showed that PEPE gained 20% on Friday, September 22, 2023, leaving crypto users speculating over the reason behind the move.
The price surge caught the attention of the renowned crypto trader identified as Crypto Tony on X (formerly Twitter), who posted about it and shared a screenshot of the PEPE/USD daily chart to drive his point. Tony posted that PEPE gained 20% and asked what could be the reason behind the move.
PEPE NOW UP 20% TODAY .. WHAT HAPPENED 👊 pic.twitter.com/LC7x79PIFk
— Crypto Tony (@CryptoTony__) September 22, 2023
Crypto users responding to Tony’s post did not have definite answers to his question. Many respondents speculated that the price pump was artificial and not backed by any fundamental factor. However, Max Gainz, a respondent who didn’t focus on the cause of the price increase, decried missing the opportunity to take advantage of the rally.
Gainz said he noticed people talking about PEPE’s death two days ago on the X app. According to him, he should have interpreted that sentiment as a buy signal.
Yesterday’s rally lifted PEPE out of the lowest point it reached since retracing from its initial rally in May. The price surged from $0.0000006045 to $0.0000007330 before closing at $0.0000007144, according to data from TradingView.
With the surge, PEPE price climbed above some of the resistance levels established in September. However, the move stopped when the price approached the base of the August 25 daily candle, which formed a reference point for the meme coin for as long as two weeks.
PEPE traded for $0.0000006963 at the time of writing as the price attempts to regain yesterday’s momentum. The sustainability of the price rally could depend on users discovering the reason behind the move. That is a question that remained unanswered at the time of this post.
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