The Pepe price has pumped 13% in the past 24 hours to trade at $0.00001364, on a 25% surge in trading volume to $1.45 billion.
Pepe’s price bounce was also boosted by a general upswing in the cryptocurrency market, enticing investors who had been holding back to make their move finally. Bitcoin surged to $69,600, and Ethereum followed suit, hitting $3,645.
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We're so back. $PEPE 🐸💹 pic.twitter.com/Kird8CDg0V
— y00thereum (@y00thereum) June 12, 2024
Additionally, other meme coins like Bonk, Dogwifhat, and Book of Meme also experienced rebounds. However, these tokens might face a sharp downturn if the Fed announces a hawkish decision.
Pepe Price Bullish Pennant Signals A Bull Rally Ahead
Pepe’s current price is below its record high of $0.00001064. However, promising indications hint at a potential recovery within the bullish pennant pattern, signaling the possibility of Pepe’s positive trend persisting.
Pepe indicates a bounce back from the pennant’s lower trendline, showcasing the resilience of bullish sentiment. This upward movement is being driven by determined bulls, who aim to push the price above the pennant’s upper trendline.
PEPEUSDT Analysis (Source: Tradingview)
At present, the price is surpassing both the 50 and 200 simple moving averages (SMA), marking a significant development and possibly heralding the onset of a bullish rally. This uptrend is particularly noticeable around the 50 SMA, suggesting heightened buyer engagement and growing market optimism.
Furthermore, the MACD (Moving Average Convergence Divergence) exhibits a favorable positioning above the neutral level, with the blue line’s recent crossover above the orange signal line. The histogram, which reflects the difference between the MACD and its signal line, indicates positive momentum, showcasing a bullish sentiment prevailing in the market.
The Relative Strength Index (RSI), is bouncing back from the 40 mark, indicating a recent period of downward pressure. However, it has since climbed above the midpoint at 50, reaching 55.
This surge in RSI value suggests strong momentum driven by a notable influx of buying activity. Such a trend could potentially push the RSI into overbought territory in the near term, highlighting the possibility of heightened market enthusiasm and a sustained uptrend in price.
Pepe Price Bulls Poised to Reclaim Its All-Time High
The bullish pennant formation suggests that the ongoing upward trend could continue, potentially propelling the price to even greater heights.
Should the price break above the upper trendline of the pennant, it may empower buyers to challenge the resistance level set by the previous all-time high of $0.00001719, with an ambitious target of reaching a new peak at $0.00002025.
Conversely, if sellers manage to seize control of the market, we might witness a downtrend within the pennant formation. In such a scenario, the price could decline to approximately $0.00001140, reflecting a temporary pullback before a potential resurgence in bullish momentum.
Final Thought
Pepe’s recent momentum might be a classic case of investors buying the dip. The coin had dropped about 35% from its peak earlier this week, but it has now bounced back amid high trading volume.
The proportion of PEPE supply held by the largest stakeholders those with 1 billion tokens or more has remained relatively steady, hovering around the 96.02% mark. This suggests that these major investors are maintaining their positions even during periods of price correction in June.
Learn More
- Crypto Market Outlook: Promising Uptrends by QCP Capital
- Most Important Cryptos Other Than Bitcoin – Top 15 Bitcoin Alternatives 2024
- This Week in Crypto: Major Events to Watch
- Next Cryptocurrency to Explode in 2024
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.
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