Pepe price (PEPE) has been stuck in an unhealthy correction since May, when it hit an incredible milestone, posting a record price of $0.00001721. However, the token is up 4% at the time of writing, with the PEPE/USD trading at $0.00001232. Meanwhile, investors are booking long positions, suggesting a shift in the market from bearish to bullish.
On the other hand, CrowdWisdom Live, a well-known crypto investor, has taken to the X platform, suggesting that PEPE might break out soon. He has mentioned that’’ Pepe will likely consolidate within this price range for some time before it makes a move to break above $0.0000150 and then $0.000020.’’
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$PEPE has been holding above $0.000010 but has been underperforming the overall market.
$0.0000110 is the immediate support for #PEPE while $0.0000130 is the resistance. Pepe will likely consolidate within this price range for some time before it makes a move to break above… pic.twitter.com/miBZktP1vd
— CrowdWisdomLive (@CrowdWisdom360) July 29, 2024
PEPE is a deflationary meme coin executed on the Ethereum blockchain. It was crafted as a homage to the early 2000s internet sensation Pepe the Frog, an invention of Matt Furie. Its appeal stems from a tax-free stance, a reward system favouring long-haul stakers. Notably, it boasts a burning protocol to preserve the rarity of PEPE coins.
Pepe Statistical Data
Based on Coinmarketcap data:
- Pepe price now – $0.00001232
- Pepe market cap – $5.18 billion
- Pepe total supply – 420.69 trillion
- Pepe circulating supply – 420.69 trillion
- Pepe ranking – #21
Pepe Price Technical Indicators Signal Potential Upside Trajectory
Like many cryptos in the market, Pepe is beginning the week in the green following a gruesome last few days. The crypto market dumped massively after the spot ETH ETFs went live despite the massive net inflow recorded on the first day.
Nevertheless, a bullish wave traversed the market on Monday, sending Pepe’s price up 4% in 24 hours. The daily timeframe chart shows that the token now upholds support at $0.00001119. Keeping this support intact is crucial for the resumption of the uptrend and to propel Pepe coin back to all-time highs.
PEPE trades well above the 50-day and 200-day Simple Moving Averages, tilting the odds towards the buyers. In such a case, the $0.000007620 and $0.00001119, coinciding with the 200-day and 50-day SMAs, act as immediate support keys in the market. Moreover, the Relative Strength Index (RSI) has its strength at 56, hurtling towards the 70-overbought zone. Increased buying appetite will see the RSI jump to the overbought zone, reinforcing the bullish sentiment.
In the same way, the Moving Average Convergence Divergence (MACD) is hurtling in the positive area, above the neutral level (0.00). If the MACD indicator’s buy signal holds through the week, Pepe may finally rally to its ATH at $0.00001721. Moreover, traders are inclined to buy PEPE, as the MACD indicator has crossed above the signal line (orange) in the market.
Will the PEPE Bulls Sustain the Bullish Momentum?
In the one-day chart analysis, the PEPE market has flipped bullishly, with the bulls dominating the market. Moreover, there is potential for upward movement, with the technical indicators supporting the outlook. If the bulls exert the buying appetite at this level, the PEPE price could break above the ascending triangle, triggering a rally. The frog-themed token could test its immediate resistance at $0.00001530 in such a case.
In a highly bullish case, the bulls might grow hind wings, propelling the price to its ATH at $0.00001721, recorded on 27 May. Conversely, if the bears step in at this level and the crypto market turns negative, they might breach the $0.00001119 support level. In such a scenario, the PEPE token will retest the $0.000009083 support, invalidating the bullish thesis.
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