Pepe Price Rose for the Second Straight Day as the Crypto Industry Stabilized

The soaring token rose to $0.000012, **surging** 25% above its lowest point this month. This **resurgent** recovery has pushed its market cap to almost $5 billion.

The price of Pepe (CRYPTO:PEPE) rose for the second day in a row on Tuesday as the crypto industry stabilized and traders identified some bullish formations. The token rose to $0.000012, which is about 25% **above** its lowest point this month. This recovery has pushed its market capitalization to **almost** $5 billion. Pepe's price action coincided with the rebound of other memecoins. Popcat, a Solana memecoin, jumped by more than 65% while Tooker Kurlson, Jeo Boden, and MogCoin jumped by more than 30%. One possible reason for this rebound is that Bitcoin has had difficulties extending its losses below the crucial support at $60,000. The token was trading at $61,125 on Tuesday as investors continued to buy the token's dip. The token also steadied as data showed that the proportion of whale holdings remained steady this month. Data by CoinMarketCap showed that whales held more than 203 trillion PEPE tokens on Tuesday, the highest point since May 31st. Usually, higher whale holdings are seen as a positive sign for a coin. According to Etherscan, the number of Pepe holders has jumped to more than 247k. Pepe's price chart Meanwhile, traders pointed to some bullish patterns that Pepe has formed recently. First, as highlighted above, the token has managed to stay above the 100-day Exponential Moving Average (EMA), a sign that the bulls are in charge. Moreover, Pepe has recently formed a falling wedge chart pattern, which is a widely recognized bullish sign. On Tuesday, the token moved above the upper part of this pattern. Strap in?? $PEPE pic.twitter.com/x06zCBcE70 Pepe's hammer pattern and rising open interest In addition, it also formed a hammer candlestick pattern, which is characterized by a small head and a **long** lower shadow. In most cases, this pattern tends to indicate a rebound, especially when volume is rising. Data by CoinGecko showed that the daily volume of Pepe, which was traded in all exchanges, rose to more than $865 million, compared to Monday's $454 million. The same occurred in the futures market, where open interest rose to more than $134 million, the highest since June 17. Open interest is a key metric that shows the number of contracts held by traders in active positions. Pepe's open interest rises Finally, Pepe also bounced above the 38.2% Fibonacci Retracement level, indicating further upside. However, the main risk is that this rebound could be part of a dead cat bounce, where an asset in a freefall recovers briefly before resuming the downward trend.

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