Meme coins Super Trump (STRUMP) and Pepe (PEPE) have staged significant recoveries, rebounding from the June 24 plunge.
While STRUMP’s recovery is pegged on former President Donald Trump’s political movements, Pepe’s price is hinged on positive market sentiments.
Super Trump (STRUMP) recovers all previous losses
After dropping to $0.01093 on June 24, Super Trump (STRUMP) coin has rebounded to $0.01601 at press time, representing a 46% surge in two days.
Today alone, STRUMP price has gained 26%, signifying the growing bullish momentum for the meme coin.
The Super Trump Coin, just like other Trump-themed tokens, are leveraging former President Donald Trump’s political movement, which has gained quite a following within the crypto space for his support on Bitcoin and other cryptocurrencies.
Besides Super Trump (STRUMP), other Trump-themed coins including MAGA and MAGA VP (MVP) have gained by to-digits today.
MAGA has see a 20.60% surge over the last 24 hours and a 73% surge over the past week while MAGA VP (MVP) has surged by 12.16% over the past 24 hours and by 49.61% over the past week.
The STRUMP/USDT daily chart shows a price recovery with the current candlestick attempting to cross above the 21-day moving average after clearing the 9-day moving average. The RSI is also bullish well above the level of 50.
Source: TradingView
Pepe (PEPE) bullish rebound as whales accumulate tokens
Pepe coin is another meme coin that has fully recovered from its recent pullback. The meme coin has risen from a low of $0.00001044 on June 24 to $0.00001246 at press time, representing a 19% surge in two days.
Pepe’s price has risen by about 7% today alone as its bullish trend gains momentum.
PEPE’s price surge has been attributed to a series of higher highs and higher lows, as highlighted by the founder and CEO of Future Star, Brian Garrett, in a post on X.
The PEPE/USDT daily chart reveals a clear bullish pattern, with the price well above the 9-day and 21-day moving average and the RSI on a bullish trajectory above the level of 50.
PEPE price chart
However, for the bullish trend to be maintained, the cryptocurrency must hold above the support level at $0.00001154.
If the $0.00001154 support level is breached, traders should expect the meme coin’s price to possibly test the support at $0.00001000.
If the token maintains above the support level, the token could easily hit the resistance at $0.00001387.
Adding to the bullish sentiment, a whale moved 333.9 billion PEPE tokens (worth about $3.98 million) from Binance.
2 hours ago, a whale 0x06b just withdrew 333.9B $PEPE ($3.98M) from #Binance.
Address: https://t.co/vwq14gAZSt pic.twitter.com/kIYETVgU1o
— The Data Nerd (@OnchainDataNerd) June 25, 2024
The above whale movement comes just a day after another whale moved $18.12M SHIB and PEPE to Binance.
When whales accumulate cryptocurrencies, they mostly do it in anticipation of a bullish move. Secondly, removing such a huge amount of tokens from circulation causes a drop in supply amid increasing demand further propelling the tokens bullish trend.
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