Pepe Price Signals Potential New Bull Run On The Horizon

Pepe’s price has dropped 8% over the past week, including a 3% decrease in the last 24 hours, to trade at $0.00001532. 

Despite this, trading volume has surged 24%, reaching $631 million. PEPE saw significant price drops over the past week, causing a big hit to its market value. But there’s a silver lining: the memecoin is starting to bounce back as its daily chart shows positive signs. 

Many centralized exchanges are pushing $Pepe

Had to get some $Pepe here. If it goes to a dollar or even half a dollar?

The current price action Seems really low to be at 5billion market cap. pic.twitter.com/og3meb2LaM

— Papo (@Papo352) June 16, 2024

Interestingly, Pepe coin has already exceeded market expectations, reaching new all-time highs and surging to unprecedented levels during this year’s bull cycle. The significant accumulation seen during this upward trend has added more bullish momentum to the meme-based token.

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?

Pepe Price Could Soon Be on Track To Test Its ATH Again

Pepe’s price is currently supported at $0.00001367, 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 $0.00001340, reinforcing the ongoing trend.

PEPEUSDT. Source: Tradingview

If the bullish momentum in Pepe’s price starts to ease as bulls take a breather, there could be a chance to buy around the $0.00001076 level before the next upward surge.

Technical indicators confirm positive momentum, backed by investor optimism, favouring upward trends. The Relative Strength Index (RSI) has been showing a gradual uptrend, bouncing back from below the midpoint level of 50 at 40. This suggests growing buying pressure, potentially pushing towards the overbought territory near 70 if bullish momentum continues.

Currently, the price is trading between the 50 and 200 simple moving averages (SMAs), with the 50 SMA pausing as immediate resistance for the price. a little push in momentum should be able to confirm a rally above the channel and the 50 SMA turning it into support for the Pepe price. Moreover, the moving average crossing at $0.00000695 reinforces the overall bullish sentiment.

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.

Pepe Price Prediction

Generally, a rise in liquidation results in short-term price corrections. In an optimistic scenario, if Pepe’s price is close to the psychological barrier at $0.00001540, it could sustain its upward momentum and aim for a new peak of around $0.00002062. This would signify more than 20% gain from its current levels.

In addition, the sentiment surrounding the memecoin has recently become more positive, indicating an increase in bullish sentiment. However, its social media activity has decreased, suggesting a decline in its popularity.

Conversely, Pepe price might decline if sellers gain control, potentially breaking below the crucial support level of $0.00001461. In a worst-case scenario, this downward trend could extend further, dropping below the recent highs of $0.00001283. If PEPE the bears step up, then it won’t be surprising to see the memecoin 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.