Beware of a bull trap as Pepe crypto price surges.
-
The price of Pepe cryptocurrency has nearly doubled in the last few days.
-
This increase is consistent with the trend of other cryptocurrencies in the market.
-
The bullish trend may be part of a bull trap.
Pepe’s price has risen sharply in the past few days, making it one of the top-performing cryptocurrencies on the market. It reached a high of $0.0000016, the highest point since May of this year. Overall, this meme coin has increased by more than 85% from its lowest level this month.
- TrueUSD claims no exposure to Prime Trust issues.
- Coinbase aims to become a ‘super-app’ in the future, says CEO Brian Armstrong.
- Canadian Securities Administrators warn of fake regulatory claims by crypto firms.
Why is Pepe’s price soaring?
Pepe’s price has risen due to the increasing greed in the cryptocurrency market. The crypto fear and greed index has risen to 60, indicating that most cryptocurrencies have seen an increase. Bitcoin has surpassed the important resistance point of $30,000, and the market is dominated by a sea of green.
The strong performance is mostly due to the ongoing traditional finance trends in the industry. For example, Credit Agricole recently acquired a cryptocurrency custody license in France, which is significant because it is the third largest bank in Europe by assets.
This announcement came a few days after Deutsche Bank applied for custody services in Germany. Additionally, companies such as Blackrock, WisdomTree, and Invesco have applied for their Bitcoin ETFs with the SEC.
These events have nothing to do with altcoins like Pepe. Instead, they have helped to alleviate recent regulatory challenges in the United States. As you may recall, the SEC filed major charges against Coinbase and Binance, the two largest firms in the industry.
This could be a bull trap
Pepe’s price has also risen due to the Fear of Missing Out (FOMO). However, in most cases, FOMO tends to be a bull trap that results in significant losses for holders. Just ask investors who bought shares of GameStop, ContextLogic, and Bed Bath and Beyond. Many of them have lost significant amounts of money.
Therefore, it is suspected that Pepe’s price will soon fall as investors begin to take profits. As you can see in the chart above, the volume has started to diverge from the price. After peaking on Wednesday, the volume has continued to decline.
If this view is correct, Pepe will likely drop to the key support at $0.00000012, the highest point on June 9th of this year. This price is about 25% below the current level.
How to buy Pepe
We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!
Was this article helpful?
93 out of 132 found this helpful
Related articles
- AI is changing human interaction with machines.
- Venezuela’s ban on cryptocurrency mining has hurt an industry that was once supported by Maduro.
- Hackers demanding BTC release 1.5TB of Argentine regulator’s data.
- 5 bootcamps for starting a tech career through coding.
- Radius secures $1.7M pre-seed funding for trustless shared sequencing layer development.
- MATIC price gains momentum but bulls uncertain without breaking resistance.
- 3AC Hedge Fund’s Bankruptcy Sparks Crypto Community Reaction.