The favored frog-themed memecoin PEPE surged 10% in 24 hours to achieve $0.00001049, fueled by technical indicators that would level to extra upside amid a wider memecoin market rise.

The token climbed from $0.00000949 to $0.00001049, hitting a peak of $0.00001077 in early buying and selling earlier than retracing barely.

A key technical sample, a golden cross, the place the short-term shifting common rises above the long-term common, has fashioned on PEPE’s chart, hinting at sustained bullish momentum.

A golden cross is extensively watched in buying and selling circles as a result of it means that current shopping for stress may carry over right into a longer-term rally.

Buying and selling quantity spiked considerably in the course of the rally, hitting 13.7 trillion tokens in a single hour as the value began lifting, and seven.7 trillion afterward, underscoring the depth of the rally.

In the meantime, the broader memecoin sector, in keeping with the CoinDesk Memecoin Index (CDMEME), rose 11.4% within the final 24 hours.

Regardless of a pullback from the highs, PEPE has established a robust help degree close to $0.0000101, in keeping with CoinDesk Analysis’s technical evaluation information mannequin. Fibonacci extension ranges counsel the value might push towards $0.0000110 if the rally holds.

The cryptocurrency has outperformed the broader cryptocurrency market over the past 24 hours, as measured by the CoinDesk 20 (CD20) index, which rose 5.92% in the identical interval.