Highlights:
- PEPECOIN breakout from a 200+ day downtrend signals renewed momentum.
- PepeCoin rose 22% to $3.39, despite a 9% dip in trading volume.
- Kodisvaran calls PEPE the “KING of MEMES,” signaling the potential for a rally.
PepeCoin is up 22% in the last 24 hours, to trade at $3.39 at 4 a.m. EST on a 9% drop in trading volume to $6.3 million. The market capitalization stands at $393 million. According to Vishag Kodisvaran, PEPECOIN has finally started its high anticipated breakout, currently $3.33.
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The tweet emphasizes that “PEPE has finally broken out of a 200+ day downtrend, marking a key change in sentiment and momentum for the meme coin. This might now suggest that PEPE is starting to get fresh recognition on its way to taking over the meme coin market once again. The chart above illustrates a downtrend line that PEPE has succeeded in breaking through, confirming the reversal of the previous bearish movement.
$PEPECOIN is FINALLY lifting off ($3.33)
Blowing well past its 200+ day downtrend, and finally getting recognition as everything lines up for the OG @pepecoins to take over the meme coin market.
The KING of MEMES has been recognized, and is just starting its ascent to glory!!! pic.twitter.com/7tx09AaCtB
— Vishag Kodisvaran (@VKodisvaran) November 8, 2024
To Kodisvaran, PEPE is the “KING of MEMES,” emphasizing that it is among the strongest in the meme coin community. This new bullish move could indicate the start of the longer run-up as PEPE attempts to meet its highs again
PepeCoin Statistics
- PepeCoin price: $3.39
- Market Capitalization: $393 million
- Trading volume: $6.3 million
- Circulating supply:120 million
- Total supply: 133 million
PepeCoin Price Explodes in a Parabolic Curve
The PEPE/USD chart, in the 4-hour timeframe, indicates an extremely strong bullish trend since many indicators allude to further upside momentum. It is currently trading at $3.29994, significantly higher than the lows and well over resistance of about $2.8. The price has risen very sharply to form a parabolic curve, indicative of momentum buying but sometimes results in a sharp correction if the momentum is lost.
Two key moving averages, the 50 SMA and the 200 SMA, reinforce the bullish sentiment. The 50 SMA, at $2.5563, and the 200 SMA, at $2.2428, are trending upward. The price’s position above these moving averages indicates strong bullish control, and the recent “golden cross” (where the 50 SMA crosses above the 200 SMA) is typically seen as a signal of a long-term trend reversal in favor of buyers.
Strong Bullish Momentum with Potential Overbought Signals
Besides, the fact that a parabolic curve has developed makes it difficult to maintain such a rapid advance. The MACD also confirms the bullish bias, as the histogram has underlined an increase in green bars, and the MACD line has stayed above the signal line. This formation would show strong buying interest and confirm the current uptrend.
However, the current RSI stands at 71.39, hence overbought because it is above 70. A reading in this range could signal an overbought RSI, and thus a call that the instrument is due for a pullback as traders begin to take profits. The heightened RSI level and the parabolic rise could indicate that such a price may find resistance or consolidation anytime soon.
PEPE/USD is in a strong uptrend, price is well above the 50 and 200 SMAs, and momentum on the higher end strongly pushes it upwards. While reward zones above $3 do give attractive opportunities, traders might set trailing stop-losses or partial profit-taking due to overbought conditions that could point to a temporary pullback or consolidation.
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