The PEPE price is winning on the chats today as it has surged 6%, with the PEPE/USD trading at $0.0000086. Its 24-hour trading volume has notably gone ballistic, increasing 7% to $585 million. This signals increased market activity among traders and investors in the Pepe market. Pepe is now up 16% in a week despite a slight plunge of 5% in a month. It has also increased by 1171% in a year, gaining a spot among the fastest-growing meme coins.
Moreover, data from Coinglass shows growing investor confidence in the Pepe in the coming days. This is evident as the long liquidations have been higher than the short liquidations in the past 24 hours.
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Pepe Statistical Data
Based on CoinmarketCap data:
- PEPE price now – $0.0000086
- Trading volume (24h) – $585 million
- Market cap – $3.62 billion
- Total supply – 420.69 trillion
- Circulating supply – 420.69 trillion
- PEPE ranking – #28
Navigating PEPE’s Price Bullish Outlook
The Pepe bulls are leaving no stones unturned, moving bullishly within the confines of a rising channel. The frog-themed memecoin has increased since September 18 following the support establishment at $0.00000784. Bulls took the reins entirely after PEPE dispersed the seller congestion and are now capitalizing on the golden cross established at $0.0000077. A golden cross pattern on the 4-hour chart affirms the bullish grip. This pattern appears when a short-term moving average like the 50-day SMA moves above a long-term moving average like the 200-day SMA.
Meanwhile, trading above all the moving averages, including the 50-day SMA (green) and 200-day (blue), reduces the sellers’ influence, leaving Pepe’s price on a resistance-free uptrend to $0.00001.
The Relative Strength Index (RSI) has hurtled above the 50-mean level, upholding a bullish picture. Currently, at 67.93, there is still room for potential upside before the RSI jumps into the 70-overbought area. Traders won’t have to worry about sudden pullbacks with the RSI above 70, as this position also means a correction is imminent.
Notably, the Moving Average Convergence Divergence (MACD) indicator upholds the bullish outlook and hints at the uptrend reaching higher levels at around $0.00001. The buy signal appeared around September 24, with the blue MACD line crossing above the orange signal line. Traders are inclined to continue buying PEPE unless the trend in the MACD changes.
Will the Bulls Sustain the Momentum?
In the 4-hour chart above, the bulls have the upper hand, with potential for more upside. With traders and investors expected to rally behind the frog-themed memecoin, if a strong tailwind builds behind PEPE, the memecoin can eliminate a zero in the short term. Moreover, gains above this level could begin a meaningful uptrend, with the PEPE bulls targeting $0.00001.
Conversely, early profit-booking activities may occur in the PEPE market as expected. Traders should be cautious of a potential pullback as profiteering may commence. Investors who bought in the range channel may want to book profits if the uptrend weakens and a correction begins. In such a case, The 50-day SMA at $0.00000784 may absorb the selling pressure, giving bulls another opportunity to regain control.
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