PEPE Price Goes Ballistic As It Soars 8% Giving Hope For A Potential Bull Rally
The Pepe price has skyrocketed 8% to trade at $0.00001146 as of 4:55 am EST. Despite the price movement, its 24-hour trading volume has plunged 8% to $938 million.
PEPE saw significant price drops over the past week, causing a big hit to its market value. However, there is hope in the Pepe market as the meme coin is showing signs of recovery. Additionally, its daily chart is showing positivity, giving optimism in the crypto market.
Is $PEPE trying to come down to the multi month trend line here?
Price looks scary at 0915, but if $PEPE can't recover above the blue line of support, then I think it's where we are headed and looks like a pretty strong level for a bounce.
Come on bulls, get back in charge! pic.twitter.com/VUItDJzEJd
— Chris McCrypto (@ChrisMcCrypto) June 18, 2024
After experiencing a few days of decline from its recent all-time high, PEPE is now displaying signs of bouncing back. Could this be the start of a new bull run, or will the bears take advantage of the existing downtrend?
Pepe Statistical Data
- Pepe price now – $0.00001146
- Pepe market cap – $4.84 billion
- Pepe total supply – 420.69 trillion
- Pepe circulating supply – 420.69 trillion
- Pepe ranking – #23
Pepe’s price is currently supported at $0.00001138, suggesting a favourable outlook for upward movement. Continued upward momentum could prompt increased buying interest, especially if there’s a solid candlestick close above the key psychological level of $0.00001384, reinforcing a bullish sentiment.
The trendline is drawn from joining multiple swing low levels and highs between 6 June and mid-June, as shown in the 4-hour chart below.
Pepe Price Technical Outlook
The Pepe price is reinforcing a bullish momentum, including the Relative Strength Index (RSI). It is deviating towards the north as it defends against further downside below the mean level of 50. Currently at the equilibrium 50 mean level, if the bulls are able to hold the RSI above the 50 mean level, the recovery could be sustained, potentially restoring the Pepe price to the governing pattern.
A decisive candlestick close above $0.00001384 would trigger the uptrend. In a highly bullish case, the gains could extend for the Pepe price, enough to reclaim the $0.00001577.
Notably, the Pepe price is trading slightly below the 50-day SMA and 200-day SMA. However, if the bulls gain momentum and push the price above the 50 SMA, breaking the $0.00001239 technical barrier, the price could take an upward trajectory, hence cementing the bullish thesis.
Moreover, the MACD(Moving Average Convergence Divergence) is showing signs of recovery and has started pointing towards positive territory. The MACD line (blue) crosses above the signal line (orange), forming a bullish crossover. A bullish crossover on the MACD informs optimistic investors of buying positions, which could eventually push the token through a prolonged rally.
Don’t Miss: Pepe Price Signals New Bull Rally As Selloffs Fade Out
Technical Indicators Indicate Potential Bull Rally: Will The Bulls Make The Upward Trend A Reality?
Based on the analysis of the 4-hour time frame for the Pepe price, the bulls have a chance to defend the price from any further downward move. Moreover, the sentiment surrounding the memecoin has recently become more positive, indicating an increase in bullish sentiment.
If the bulls are aggressive and the overall crypto market outlook is positive, PEPE could even break above $0.00001320, which coincides with the 200-day SMA. It could see the memecoin reclaim its $0.00001500.
Conversely, the bullish thesis is to be invalidated if sellers gain control, potentially breaking below the crucial support level of $0.00001138. If PEPE the bears step up, then it won’t be surprising to see the memecoin drop to $0.00000978.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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