• Pepe’s cryptocurrency price has almost doubled in the last few days.

  • This rise is in line with the rise of other cryptocurrency markets.

  • A bullish trend can be part of a bullish trap.

Pepe’s price has skyrocketed in recent days, making it one of the best performing cryptocurrencies on the market. It climbed to $0.0000016, the highest level since May this year. Overall, Memecoin is up more than 85% from its lowest level this month.

Why Pepe Prices Are Soaring

Increased greed in the cryptocurrency market has sent Pepe’s price skyrocketing. The fear and greed index for cryptocurrencies has jumped into the 60 greedy region, similar to how most cryptocurrencies have risen. Bitcoin has crossed the key resistance of $30,000 as the Sea of ​​Green dominates the market.

The strong performance is largely due to the ongoing TradFi trend in the industry. For example, it was reported on Thursday that Crédit Agricole obtained a cryptocurrency storage license in France. This is notable as it is the third largest bank in Europe in terms of assets.

The announcement was made a few days later Deutsche Bank applies for custody services in Germany. Companies such as BlackRock, WisdomTree and Invesco have also applied for spot Bitcoin ETFs to the SEC.

These events have nothing to do with altcoins like Pepe. Rather, it has contributed to the improvement of recent regulatory challenges in the United States. As you may remember, the SEC has filed serious charges against industry giants Coinbase and Binance.

this could be a cow trap

Pepe prices have also skyrocketed due to the fear of missing out, commonly known as FOMO. Most of the time, this FOMO tends to be a bullish trap, resulting in huge losses for holders. Just ask the investors who bought stock in GameStop, ContextLogic, Bed Bath and Beyond. Most of them have lost a lot of money.

Therefore, I suspect the Pepe price will drop quickly once investors start taking profits. As you can see from the chart above, volume is starting to diverge from price. Volume continues to decline after peaking on Wednesday.

If this view is correct, Pepe is likely to fall to the major support of $0.00000012, which was the June 9th high of this year. This price is about 25% lower than current levels.

How to buy Pepe

By Jules

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