**Pepe Rallies 80% Hitting New ATH As AltSeason Takes Charge**
Memecoin PEPE has surged by an impressive 80% in the past 24 hours, hitting a new all-time high (ATH). The cryptocurrency, which was trading at $0.00001272 a day ago, broke through the $0.00002 resistance and reached $0.00002524 five hours ago, surpassing its previous ATH of $0.00001718. At the time of writing, PEPE is trading at $0.00002256, according to CoinMarketCap data.
The rally comes amidst a broader bullish trend in the cryptocurrency market, which is nearing a $3 trillion market cap milestone. Factors contributing to this surge include Bitcoin's recent rally, regulatory reforms in the USA, and the start of the much-anticipated AltSeason. This altcoin-focused market phase has also driven notable price increases for other memecoins like Dogecoin and Shiba Inu.
PEPE’s weekly performance has been extraordinary, with a 118.2% increase in just seven days. It climbed from a low of $0.00001034 to its current levels. The technical indicators also suggest a bullish trajectory, with the Chaikin Money Flow (CMF) at 0.37, signaling strong incoming capital. However, increased volatility is evident, with the Relative Volatility Index (RVI) at a high 92.49.
Whale activity has played a significant role in PEPE's rise. One whale, identified as “0x2da,” reportedly sold 500 billion PEPE four hours ago, pocketing over $45 million in profit. Despite some selling pressure, PEPE's RSI remains in the overbought zone at 88.77, reflecting strong buying interest.
As Bitcoin's rally inspires the entire market, other altcoins like Ethereum have also broken key resistance levels, further solidifying AltSeason's momentum. PEPE's explosive growth showcases the unpredictable yet lucrative potential of the memecoin sector.
