Following a few days of muted trading, the cryptocurrency market is experiencing a resurgence, with Pepe (PEPE) capturing investor attention through a 7% increase.
This rebound comes after a surprisingly lackluster weekend in crypto, highlighting the market’s current level of volatility.
Adding to the buzz, Meme Kombat (MK), a brand-new gaming meme coin, has now raised an impressive $1.9 million during its presale phase – positioning it as one of the most talked-about upcoming token launches.
Technical Factors & Trading Volume Drive PEPE’s Price Higher
Pepe’s price rise has been driven by technical factors and increased trading volume, reflecting growing investor confidence.
From a technical perspective, the token has successfully tested the 200-day exponential moving average (EMA) on the daily chart, using this key level as support to propel higher.
Since the first week of November, this EMA has propped up the price multiple times, bolstering the bullish outlook for PEPE.
Additionally, PEPE’s trading volume has hit $99 million in the past day – up 101% from the previous day.
This suggests a newfound interest in PEPE, which is a positive sign for its continued price movement.
However, a broader view of the daily chart shows that PEPE is now trapped in a trading range between $0.00000108 and $0.00000135.
This trading range indicates that while PEPE is experiencing increased interest, it could also encounter resistance at the upper level of the range.
As such, the outcome of this consolidation phase, whether positive or negative, will likely set the direction for PEPE’s next significant price movement.
Market Recovery & Altcoin Gains Reflect Renewed Investor Optimism
Mirroring PEPE’s performance, the broader cryptocurrency market has also rebounded after a mixed weekend.
This general market recovery indicates renewed investor optimism – especially in the altcoin space.
The Crypto Total Market Cap (Excluding BTC) has soared above $658 billion, representing a $155 billion gain in the past month.
Most of the gains have been provided by the likes of Solana (SOL) and Avalanche (AVAX), both of which have shown substantial increases in their respective values.
Additionally, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have also posted gains in the past few days – hinting that investor sentiment toward risky assets might be shifting.
Data from CoinMarketCap shows that spot trading volume in the crypto market has increased by over 7% in the past 24 hours.
This uptick in trading volume further evidences the growing activity in the market – suggesting that the bullish momentum could be here to stay.
Upcoming Meme Kombat Token Rides Wave of Investor Enthusiasm & Raises $1.9m
Notably, it’s more than just established cryptocurrencies benefiting from the market’s positivity.
Upcoming token launches, like Meme Kombat (MK), are also seeing impressive growth as investors adopt a risk-on attitude.
Meme Kombat is a new project that combines meme culture with combat gaming.
The project, led by founder Matt Whiteman, aims to capitalize on the popularity of memes while offering ways for MK holders to earn additional income.
Meme Kombat’s presale has quickly gained traction, raising over $1.9 million in under two months.
This enthusiasm is mainly due to Meme Kombat’s innovative concept, where players can watch animated battles between meme characters and bet on their outcomes.
Additionally, players can stake their MK tokens to earn yields of up to 530% per year – far higher than most staking protocols.
With the crypto gaming space experiencing impressive growth, Meme Kombat looks poised to become a significant player.
Several crypto influencers, including YouTuber Jacob Bury, have highlighted Meme Kombat’s unique features – with Bury even describing it as having “100x potential”.
Although not yet available on the open market, early investors can buy MK tokens for $0.205 during the current stage of the presale.
There are only three days left in this stage before the next phase begins and the MK price increases, meaning prospective investors must act quickly to get involved at the most attractive entry point.
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