PEPE Price Surges 5% as Massive Liquidation May Trigger a Bullish Rally

The Pepe price has skyrocketed by 5% in the past 24 hours, with the PEPE/USD trading at $0.0000074. Its 24-hour trading volume has surged 93% to $3.15 billion, suggesting intense market activity among traders and investors.

Meanwhile, the existing liquidation pool of 1.28 million at the $0.0000075 level supports the PEPE bullish sentiments. This massive liquidation may act as a price magnet, pushing prices above the critical resistance level.

On the other hand, a well-known crypto analyst has taken to the X platform(formerly Twitter), suggesting that PEPE is still consolidating inside the Bullish Symmetrical Triangle. He has added that Pepe looks primed for another +300% rally in the Q4.

$PEPE Still Consolidating inside the Bullish Symmetrical Triangle & Still I'm Bullish on it..!!|

Looks Primed for another +300% Bullish Rally in Q4..🔥🚀#Crypto #PEPE #PEPEUSDT pic.twitter.com/H6A3Qy8JB2

— Captain Faibik 🐺 (@CryptoFaibik) September 10, 2024

Pepe Statistical Data

Based on CoinmarketCap data: 

• PEPE price now – $0.0000074
• Trading volume – $3.15 billion
• Market cap – $1.02 billion
• Total supply – 420.69 trillion
• Circulating supply – 420.69 trillion 
• PEPE ranking – #25

Pepe Price Consolidates Within a Descending Triangle, Will the Bulls Break Out?

Pepe’s price upholds a bullish picture as it trades within the confines of a descending triangle. However, with the bears forming a death cross at around $0.0000089, it remains to see whether the bulls will show strength in the market. The $0.0000077 level emerged as a barrier to the bullish momentum breaking out to test the higher resistance at $0.0000085.This forced the Pepe price into a consolidation phase, raising concerns about whether the bulls would break out.

Looking at the technical information, the bulls and bears are battling to take control of the market. Currently, the frog-themed meme coin trades below the 50-day and 200-day Simple Moving Averages (SMAs), signaling some bearish prospects in the market. In this case, the $0.0000085 and $0.0000091 act as immediate resistance keys, cushioning the bulls against upward movement.

On the other hand, the relative strength index has hurtled from the 30-oversold zone to 46. If investors keep adding to their positions at this level, the RSI could hurtle above the 50-mean level, indicating intense bullish sentiment. Moreover, there is more room for the upside until PEPE is considered overbought.

Notably, the Moving Average Convergence Divergence (MACD) steadily calls for traders to rally behind PEPE. Traders are at liberty to keep their long PEPE positions intact, bolstered by the bullish outlook from the MACD indicator. A buy signal validated the rally with the blue MACD line stepping above the signal line in orange. The momentum indicator also trends upwards into the positive region – above the mean line at 0.00.

Will the Bulls Strike Upwards or Pullback?

The daily chart timeframe above shows a tug-of-war between the bulls and bears; however, the odds tend to tilt toward the upside. If the bulls capitalize on the rising RSI and the MACD, which calls for traders to add to their positions, the pepe price could soar. If the frog-themed meme coin breaks and closes above the $0.0000077 resistance, it could trigger an uptrend. This could shift the momentum to bullish, with the buyers eyeing the next resistance level at $0.0000091.

Conversely, if the bears capitalize on the 50-day and 200-day SMAs, which suggest a bearish sentiment, PEPE could plunge. If Pepe’s price continues to face resistance at $0.0000077, the market may witness a pullback toward the $0.0000060 support level. This key area has previously acted as a cushion against further downside.