PEPE Shows Persistent Bullish Strength As Market Optimism Grows
PEPE has been on a remarkable upward trajectory, showcasing significant bullish momentum that has caught the attention of traders and investors alike. This sustained uptrend suggests strong market confidence and growing optimism about the prospects of PEPE.
As the cryptocurrency continues to climb, market analysts are closely monitoring key indicators and trends to gauge how long this bullish phase might last and what potential heights PEPE could reach. In this analysis, we will dive into PEPE’s price prospects with the help of some technical indicators.
As of the time of writing, PEPE’s price was trading at around $0.00001531 and was up by 3.33% with a market capitalization of over $6.3 billion and a 24-hour trading volume of over $1.5 billion. Its market capitalization and trading volume are down by 3.51% and 26.3% respectively in the last 24 hours.
Technical View Of PEPE Price With Indicators
From the 4-hour time frame, the price of PEPE is still actively trading below the 100-day Simple Moving Average (SMA), which is a clear indication that it might be poised for a more bullish movement.
The 4-hour Moving Average Convergence Divergence (MACD) also signals that PEPE might move bullishly as the MACD histograms show signs of moving above the MACD zero line. In addition, although the MACD line and the MACD signal line are trending below the zero line, the MACD signal line is seen attempting to cross above the MACD line, suggesting that the price of PEPE might still move upward.
In the 1-day time frame, it can be observed that PEPE, after making a pullback is showing signs of undergoing a rally as it is dropping a daily bullish candlestick.
Although the 1-day MACD is giving a bearish signal as the MACD histograms have dropped below the MACD zero line and both the MACD line and the MACD signal line have crossed while still above the zero line, there is the possibility that the development might turn bullish again based on the price action in the 4-hour timeframe.
Future Prospects For The Meme Coin
Based on the previous price action of PEPE, it can be observed that a high of $0.00001731 and lows of $0.00001313, $0.00001152, and $0.00000888 have been created which are key points in determining its next destination.
If PEPE continues to move upward to the resistance level of $0.0001731 and breaks above it, it therefore means that it will move higher to create a new high.
However, if it fails to break above this resistance level, it will begin a downward move toward the $0.00001313 support level. Should the price break below this support level, it might move even further to test the $0.00001152 level and probably other levels on the chart.
Featured image from iStock, chart from Tradingview.com
