The crypto markets have resumed their upswing, with Bitcoin prices soaring above $64,200 at the beginning of the fresh weekly trade. The dominance continues to soar, which indicates the prices may hold upright for more time than expected, which may propel the prices beyond the interim target at $65,000 any time from now. With this, the markets have become bullish again, with the memecoins leading the rally.
With a huge influx of buying pressure, Pepe’s price continues to maintain a healthy upswing, marking a new ATH at $0.00000675. The token appears to be unstoppable as market sentiments have turned extremely bullish, suggesting the price may even gulp a zero from its value very soon. The PEPE price has already soared by over 800% in the past 4 months and hence the question arises: is it a good time to buy PEPE at its highs?
In the long term, the price appears to be continuing with the price discovery phase but the short-term trade set-up invites bearish action. The 4-hour chart indicates the price has reached the local highs and could be prone to a minor pullback. However, after marking a new ATH, the bulls may face some exhaustion. However, the token appears to be closely following the BTC price rally and hence, with another bullish push, the PEPE price may undergo another 100% jump to reach levels beyond $0.00001. Although the StochRSI is in favour of bearish divergence, the RSI maintains around the upper resistance, favouring the bulls.
Other memecoins like Shiba Inu (SHIB), Floki (FLOKI), Bonk (BONK), Dogecoin (DOGE), etc., and many more are coiling up with huge margins, suggesting the memecoins may lead the 2024 bull run. However, the other top altcoins have been consistently accumulating gains, which indicates the larger picture is yet to begin. However, the memecoins are known for short-term gains and now when the tokens have already surged magnificently, traders are required to be more cautious before making an entry.