PEPE Price Pulls Back To Key Hurdle: Breakout Looming?
Release: 2024/08/27 04:34 Reading: 362
PEPE Price Analysis: Breakout Potential Amidst Memecoin Surge
PEPE, a popular meme cryptocurrency, has exhibited a notable ascent from its channel's lower boundary. Last week, PEPE price formed a double bottom and surged from a support level near $0.00000700.
Driven by robust buying activity, PEPE price tested the crucial resistance level of $0.00001000 last week, aiming to surpass it. Following Fed Chair Jerome Powell's statements, memecoins, including PEPE, embarked on a rally.
Leading the memecoin charge, PEPE price approached the brink of a breakout zone. It is anticipated to extend beyond the declining trendline, reversing the trend. The memecoin has since retraced significantly and is poised to breach the 100-day EMA.
A daily close above $0.00001000 would trigger a short covering move and potentially ignite a much-awaited breakout rally over the short term. Should PEPE successfully traverse this zone, it could trap bearish investors.
The Future Path of PEPE Price
Amidst the recent market recovery, meme coins have resurged, with PEPE rising over 30% this week. Breaking out of its weekly consolidation zone, PEPE attempted to breach the key hurdle of $0.00001000.
Bullish sentiment has emerged, with buyers attempting to surpass the 100-day EMA for a further upswing. However, confirmation is still pending, and indecisiveness remains during intraday sessions.
At press time, PEPE traded at $0.000009054 with an intraday decline of over 0.98%, indicating a slight dip.
Technical Indicators
The Chaikin Money Flow (CMF) has dipped slightly over the past few days, remaining near the midline of 0.01. This suggests that capital inflow into PEPE may increase in the future.
The RSI stands at 53, indicating moderate bullish momentum for PEPE. It has not yet entered overbought territory.
Active Addresses and Social Dominance
Data on active addresses has increased significantly amidst the price upswing, indicating growing investor interest.
However, social dominance data remains flat around 0.626%, suggesting that PEPE's social chatter has diminished.
Network Growth and Liquidation Data
The network growth line has reached its lowest point, implying declining interest in the memecoin from new addresses.
Additionally, the velocity curve has declined, signaling a decrease in trading frequency.
Liquidation data reveals a bearish trend, with more longs liquidated in the past 24 hours. This indicates a potential price decline. More than $2.33 Million in longs were liquidated, compared to $179.9k in shorts.
Key Levels to Watch
In a bullish scenario, $0.00001000 remains a crucial resistance level, followed by $0.00001380.
Conversely, support levels include $0.000008950 and $0.000008700.
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