Pepe’s price has dropped 9% in the last 24 hours to trade at $0.00001059 as of 3:44 a.m. EST on a 74% surge in trading volume to $1 billion.
After nearly a month of decline, PEPE’s price has reached a crucial support level, providing buyers with a chance to push the price up and recover previous losses at the former resistance. This support level is strong and can help maintain the price if conditions stay the same.
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During this entire run, $PEPE price has remained above its 90-day moving average.
The last time it hit this average, back in April, it surged by approximately 259% shortly after.
While this time might be different, imo it is still worth a punt at these prices. Let´s GO. pic.twitter.com/mKrVqKUVla
— Quantdom (@Quantdom1) June 18, 2024
Additionally, PEPE’s price is forming a bullish pennant, which is a bullish market pattern.
According to on-chain analysis firm Santiment, the number of PEPE holders is at an all-time high, while whale investors holding $100,000 to $1,000,000 worth of PEPE are decreasing.
Pepe Price Analysis: Bullish Momentum and Key Indicators Suggest Potential for Upward Movement
Pepe’s price is currently holding at $0.00001052, indicating a potential for upward movement. If the upward momentum continues, it could attract more buyers, especially if there is a strong candlestick close above the key psychological level of $0.00001067, which would further reinforce the bullish sentiment.
PEPEUSDT Analysis (Source: Tradingview)
The price has also formed a bullish pennant, indicating a continuation of the upward trend for Pepe. If the bullish momentum starts to slow down above the pennant and the bulls take a breather, it could provide a buying opportunity around the $0.00001052 level, near the upper boundary of the pennant. This could set the stage for the next upward surge to reach a new all-time high in the coming weeks.
Technical indicators confirm an overall bullish momentum for Pepe’s price, bolstered by investor optimism that favours upward trends. The Relative Strength Index (RSI) has been gradually trending downwards, recently slipping below the neutral level of 50 to reach 40. If this downward trend continues, the bulls will likely aim for a rebound once the RSI hits the 30 level, which is considered oversold territory. This potential rebound at the oversold level could signal a buying opportunity and a possible shift back to bullish momentum.
Currently, the price is trading just below the 50-day Simple Moving Average (SMA), which is acting as immediate resistance for Pepe. However, the 200-day SMA provides a more optimistic outlook, indicating the potential for the price to rebound. This longer-term indicator reinforces the overall bullish sentiment, indicating that despite short-term resistance, the market may still favor upward movement.
The Moving Average Convergence Divergence (MACD) indicator is also well above the orange band of the signal line. It indicates that the shorter-term moving average is above the longer-term moving average, suggesting bullish momentum in the Pepe price.
Related: Is It Time To Buy Pepe? Pepe Price Surges 13% Amidst Cryptocurrency Market Rally
Pepe Price Prediction
Pepe’s price is nearing the psychological support level at $0.00001052, which could help it maintain upward momentum and aim for a new high around $0.00002062, representing over a 20% gain from its current levels.
On the other hand, if sellers take control, Pepe’s price might fall, potentially breaking below the key support level of $0.00001461. In a worst-case scenario, this decline could continue, dipping below the recent high of $0.00001283. If the bears intensify their efforts, it’s possible that the memecoin could drop to $0.000009.
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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.
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