PEPE continues to build momentum with a 3.42% increase over the last 24 hours, accompanied by a significant 223% jump in daily trading volume. The broader cryptocurrency market saw a modest gain of 1.70%, bringing the market cap to $2.75 trillion. Assets like Bitcoin (BTC) and Ethereum (ETH) have recently crossed key levels, indicating a bullish trend.
In the meme coin space, notable tokens like DOGE and Shiba Inu have reached new highs, drawing attention to this sector. PEPE, the frog-themed meme coin, has also gained traction as the market enters an altcoin rally.
After a 3.42% rise, PEPE broke past previous resistance levels and, in the morning hours, traded around $0.00001284, eventually reaching a high of $0.00001309. As of now, PEPE is trading at $0.00001205, with a trading volume of $5.07 billion. CoinGlass data shows that $7.11 million in PEPE was liquidated during this period.
On a weekly chart, PEPE has gained over 48%, initially trading at $0.000008257 and gradually climbing to its current level.
Where Could PEPE Go Next? The four-hour chart suggests a potential upward correction, with the bullish momentum possibly driving PEPE beyond its current range, potentially reaching $0.00001310. However, if this uptrend weakens, bearish pressure could bring PEPE down to $0.00001124, signaling a possible downtrend.
Technical analysis shows positive momentum for PEPE. The Moving Average Convergence Divergence (MACD) line is above the signal line, indicating a potential bull run.
The Chaikin Money Flow (CMF) indicator sits at 0.11, reflecting an increased flow of funds. Additionally, the daily trading volume for PEPE has surged by over 223%.
PEPE’s current market sentiment hints at a potential overbought situation, with the daily relative strength index (RSI) at 65.20. Moreover, the short-term 9-day moving average has crossed above the long-term 21-day moving average, supporting the bullish outlook.
