Purple Pepe rallies 120% in 24 hours, trading volume nearly triples

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  • Purple Pepe has a strongly bullish structure on the 4-hour chart
  • It is not yet listed on major exchanges- which could enhance its bullish case

As an analyst with over two decades of experience in the cryptocurrency market, I have seen countless coins rise and fall, some quickly, others gradually. The rapid ascent of Purple Pepe [PURPE] has certainly caught my attention.

In less than a week, Purple Pepe (PURPE) skyrocketed an astounding 1940%. However, in the last 12 hours, it’s experienced a significant drop. The value of this memecoin currently stands at 33% lower than its peak price of $0.0003713.

Over the past day, the token’s value rose by more than 120%, and its daily trading activity skyrocketed by 190%. Despite Bitcoin‘s [BTC] downtrend from $99.8k that started on Monday, the Purple Coin (PURPE) continued to rally.

The sentiment behind Purple Pepe remains bullish. The $86.35 million market capitalization meme began trading in June 2024. The trading volume was below $1 million from late August until November 14th.

Over the last fortnight, the surge in PURPE’s trade activity suggests a solid underlying demand, fueling its rapid rise. Is it likely that the market will continue to exhibit such robustly optimistic feelings towards PURPE in the near future?

Purple Pepe recovering from the pullback

Since November 13th, the market dynamics for the Purple Pepe meme have been on an upward trend, as the token experienced a surge of 230% within just 8 hours. This spike in value occurred alongside a rise in trading volume, indicating that more traders are actively participating in the market.

As an analyst, I’ve noticed that small-cap meme coins often experience significant rallies, sometimes even surging by 100% or an astonishing 1,000%. However, these gains are frequently followed by a quick retracement, meaning they fail to maintain their upward momentum. Therefore, when Solana coins under $10 million market cap surge 10 times within a week, it doesn’t necessarily indicate sustained growth. The rapid rise can lead to profit-taking and a lack of new demand, which can significantly impact the coins negatively.

Intelligent and business-savvy traders who are constantly monitoring numerous digital assets and spotting an increase in social media activity or trading frequency might opt to make modest investments in these assets, hoping to reap further profits.

Is your portfolio green? Check the Purple Pepe Profit Calculator

Currently, Purple Pepe has tested the 50% Fibonacci level at approximately $0.0001966 and bounced back strongly. The overall bullish trend remains intact. If Purple Pepe drops below $0.00014 in the short term, a temporary bearish outlook may arise.

Pepe the Purple hasn’t been featured on significant centralized trading platforms as of now, but once it does, this move may significantly increase its exposure and, consequently, its popularity.

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2024-11-26 16:07