Pepe Price Analysis: PEPE Coin Rallies as Trading Volume Soars 60%
The price of Pepe (PEPE) has shown a notable recovery, rebounding from a bearish signal observed last hour after establishing support at the intraday low of $0.000008633. Bulls have regained control of the market, pushing PEPE to an intraday high of $0.000009802, despite facing significant resistance along the way. At the time of writing, PEPE is trading at $0.000009802, marking a 4.61% increase from the intraday low. This recent price activity indicates a potential trend reversal from bearish to bullish, following a period of consolidation or slight decline.
Concurrently, trading volume for PEPE has surged by 60.03% over the past 24 hours, bolstering the ongoing uptrend in its price. Additionally, market capitalization has increased by 6.92%, reflecting growing investor interest in PEPE. The previous consolidation area around $0.00000900 has now turned into a support zone, providing a level of price stabilization before the current upward movement. This support level is expected to witness significant activity if a pullback occurs, as buyers aim to sustain the price to facilitate further gains.
A recent high of $0.00000974 may act as a short-term resistance level. Should the price break and sustain above this level, it could target the next psychological level of around $0.00001000. However, if the price fails to break through this resistance, it may enter a consolidation phase or experience a slight retracement.
On-chain analytics have revealed that PEPE’s largest holders have significantly reduced their holdings over the past 30 days. Specifically, addresses holding between $100,000 and $10 million in tokens have seen double-digit reductions, indicating substantial selling. This trend suggests that while smaller investors may be gaining confidence, larger holders are hedging their bets. Despite the generally bullish market sentiment — fueled by the imminent launch of the Spot Ethereum (ETH) ETF — PEPE’s biggest holders appear cautious about the longevity of this bullish trend. Their selling behavior highlights a market divergence, where smaller investors are buying while larger ones are selling.
Technical analysis of the PEPE/USD pair reveals a previous downtrend, characterized by a series of lower price levels. However, a bullish reversal pattern known as the double bottom has formed at the points marked “Bottom 1” and “Bottom 2.” The price has moved upwards after this pattern formation, breaking the neckline that confirms the double bottom pattern, typically signaling a reversal from bearish to bullish trends. Key support levels include the previous resistance-turned-support around the neckline of the double bottom pattern at approximately $0.00000900, and a more substantial support level around $0.00000800.
Resistance levels are identified at the near-term target of approximately $0.00001000, with potential for higher levels depending on further price action. The MACD lines exhibit a positive slope, with the MACD line above the signal line, further indicating bullish momentum. The Relative Strength Index (RSI) is around 56, suggesting ample room for the price to move higher before reaching overbought territory. This comprehensive analysis underscores the dynamic nature of PEPE’s price movements and the interplay of various market forces shaping its trajectory.
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