PEPE Surges 9-10% as Macro Shift Favors Speculative Assets
PEPE's price has skyrocketed by roughly 9-10% in just 24 hours, leaving it trading above its upper Bollinger Band with an RSI of 76.
The token's sudden increase is being driven by a combination of factors, including the July U.S. jobs report and the Federal Reserve's decision to signal a potential rate pause.
This macroeconomic shift has created a speculative environment that is fueling PEPE's price surge, with many traders betting on its continued growth.
However, the technical indicators are painting a different picture, suggesting that PEPE may be overbought and due for a correction.
Whale accumulation data shows that top-100 wallets have been accumulating PEPE, which could indicate that they expect the price to rise further in the coming weeks.