PEPE Shows Persistent Bullish Strength As Market Optimism Grows
03 Junho 2024 - 10:30AM
NEWSBTC
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
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