Pepe Price Analysis: PEPE Jumps 15% – Is This the Beginning of a Bull Run?

The Pepe price is winning on the charts today, as it has skyrocketed 15%, with the frog-themed memecoin trading at $0.00001. The noticeable price movement is accompanied by its 24-hour trading volume, which has surged by 51% to $1.32 billion, suggesting increased market activity. Pepe is now up 26% in a week, 32% in a month, and 1370% in a year. 

Moreover, data from Coinglass reinforces the bullish grip on the Pepe price. This is evident as the frog-themed meme coin has jumped above the borderline. Pepe’s Long/Short Ratio has surged to 1.08, signaling a bullish sentiment. In other words, if the reading rises above 1, the average open position is bullish, while a reading below the value suggests a bearish stance.

Pepe Statistical Data

Based on CoinmarketCap data:

• PEPE price now – $0.00001
• Trading volume (24h) – $1.32 billion
• Market cap – $4.41 billion
• Total supply – 420.69 trillion
• Circulating supply – 420.69 trillion 
• PEPE ranking – #24

Technical Outlook Paints the Pepe Market Bullish 

The massive breakout in the Pepe price after a clear bottom formation of around $0.0000063 in early September left the bears in total dust. This has led to the bulls breaking out of a rising channel, printing a long green wick that touches the $0.00001 mark. Over the last 24 hours, bulls have put their best feet forward, quashing the selling pressure and supporting an impressive rally to the $0.00001 mark, as predicted earlier. 

Pepe’s price currently hovers at $0.00001 amid a glaring retracement unless bulls act fast to protect the progress and keep the uptrend intact. Based on the technical outlook as depicted by the Relative Strength Index (RSI), which measures the strength of an asset’s trend, a correction is imminent. Soon after the RSI entered the overbought region above 70, traders started to sell, increasing the chances of a trend reversal.

On the other hand, the bulls have swept and cleared the seller congestion in the market, leaving PEPE in a resistance-free zone. Moreover, the golden cross in the 4-hour chart reinforces the bullish grip on the market. Pepe price is sitting on top of confluence support formed by two key indicators: the 50-day Simple Moving Average (SMA) (green) at $0.0000084 and the 200-day SMA (blue) at $0.0000077. This suggests dwindling seller momentum as the bulls gain control of the market.

The Moving Average Convergence Divergence (MACD) indicator reinforces the bullish outlook. While traders sought exposure to PEPE as the blue MACD line crossed above the orange signal line, they were likely to close positions if the opposite happened. In other words, traders will be inclined to sell if the blue MACD line flips below the orange signal line.

Pepe Price Forecast

In the 4-hour chart timeframe, the bulls have left the bears in total darkness as they take the reigns. However, traders are advised to be cautious as the Relative Strength Index (RSI) pushes into the overbought region.

A retracement is likely to follow to allow the frog-themed memecoin to sweep through more liquidity as already sidelined investors rush to buy lower-priced PEPE tokens. After collecting more liquidity, bulls can build momentum for another attack at $0.00001, Meanwhile, the 50-day SMA at $0.0000084 is in line to absorb the potential selling pressure in the market.