Pepe Price Analysis: Pepe Hints a 2X Rally
Release: 2024/06/25 13:34 Reading: 970
Pepe Price Analysis: 12.6% Surge in 7 Days
In the past week, Pepe's price surged by 12.6%, including a 10% increase within the last 24 hours, reaching approximately $0.00001189. Pepe's price has fluctuated sideways for an extended period, and the recent spike may anticipate the potential commencement of ETH ETFs trading.
Critical Support Level for Potential Gains
After reaching its previous all-time high (ATH), Pepe's price has been undergoing correction for about a month. Textbook principles predict a retest following a breakout from an ascending triangle pattern, which Pepe has previously achieved. Pepe's price is currently at the ascending triangle's upper trendline, consolidating around this support level.
The 11-day consolidation has reinforced $0.0000105 as a potential support area. The price correction has formed a one-month-long falling wedge, expected to break out upwards by 96%, propelling Pepe's price to a new ATH of $0.00002096.
Bullish Technical Indicators
Pepe's price action has crossed above the 50-day simple moving average (SMA), signaling bullish momentum for investors. CoinGecko data reveals a 105% surge in PEPE's 24-hour trading volume, indicating increased investor interest.
The relative strength index (RSI) is at 48 and rising, with a crossover above its moving average (MA) on the daily timeframe, suggesting potential upward movement. A breakout above the RSI (14) midpoint would further strengthen this indication.
Resistance and Support Levels
As Pepe's price rises, it may face resistance at approximately $0.00001725 and $0.00001981. Conversely, in a downward scenario, key support levels at $0.00000848 and $0.00000733 may provide support for Pepe's price.
Fundamental Signals
Data from Coinalyze indicates a 14% increase in 1000PEPE Open Interest (OI) across crypto exchanges in the last 24 hours, with Binance holding the largest share. This influx of capital into Pepe suggests a potential price surge in the near future.
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