PEPE is on a notable upward trajectory and is showing significant bullish momentum that has captured the attention of traders and investors alike. This continued upward trend indicates strong market confidence and growing optimism about the future prospects of PEPE.
As the cryptocurrency continues to rise, market analysts are closely monitoring key indicators and trends to gauge how long this bullish phase could last and what potential heights PEPE could reach. In this analysis, we dive into PEPE’s price outlook using some technical indicators.
At the time of writing, PEPE was trading around $0.00001531 and up 3.33% with a market cap of over $6.3 billion and a 24-hour trading volume of over $1.5 billion. The market capitalization and trading volume have fallen by 3.51% and 26.3% respectively in the last 24 hours.
Technical representation of PEPE price with indicators
As of the 4-hour time frame, PEPE’s price is still actively trading below the 100-day Simple Moving Average (SMA), which is a clear indication that the price could be poised for a more bullish move.
The 4-hour Moving Average Convergence Divergence (MACD) also indicates that PEPE could be moving 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 below the zero line, the MACD signal line is seen trying to break above the MACD line, indicating that the price of PEPE can still go up.
In the one-day time frame, it can be observed that PEPE, after a pullback, is showing signs of a rally as it drops a daily bullish candlestick.
Although the 1-day MACD is sending a bearish signal as the MACD histograms have fallen below the MACD zero line and both the MACD line and the MACD signal line have crossed each other while still above the zero line, there is a possibility that the development turns. bullish again based on the price action in the 4-hour time frame.
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 a low of $0.00001313, $0.00001152 and $0.00000888 have been created, which are important points in determining the next destination.
If PEPE continues to rise towards the resistance level at $0.0001731 and breaks above, it means that it will move higher to create a new high.
However, if it fails to break above this resistance level, it will start a downward move towards the $0.00001313 support level. Should the price break below this support level, it could move even further to test the $0.00001152 level and likely other levels on the chart.
Featured image from iStock, chart from Tradingview.com