PEPE Surges Over 8% in a Day; Can It Break $0.0000134?

Despite the global crypto market favoring bears, the PEPE token has exhibited solid bullish sentiment, making up today’s top gainers with over 8% gain in a single day. This rise comes amid an intraday low of $0.00001171, impacted by the bears after the token opened at $0.00001206. Since then, PEPE’s price has been consolidating between $0.000013 and $0.000011.

PEPE Price Action

PEPE was valued at $0.00001282 at press time, marking an 8.5% increase from the previous day’s closing price and a 6.54% rise over the past week. Positioned 22nd by crypto rankings, PEPE’s market capitalization climbed to $5,393,620,043. Additionally, its trading volume surged by 35.44% to $1,099,913,114.

Technical indicators further support these gains, suggesting bullish sentiment for the token. For instance, the Directional Movement Indicator (DMI) shows that PEPE is presently experiencing an uptrend in the short term. This is evident as the positive directional indicator (+DI) is at 26.1584, significantly higher than the negative directional indicator (-DI) at 13.5153. However, the ADX is below 20, indicating a weak bullish momentum.

In tandem, the RSI index is approaching the 70 mark, currently positioned at 63.62, indicating ample space for a potential uptrend in the short term before reaching overbought conditions. Moreover, the 20-day SMA trades below PEPE’s price at $0.0000122, further supporting a potential upward movement.

PEPE Breakout Possible if Fibonacci Support Holds

Trading above the 61.8% Fibonacci level at $0.00001264, market analysts anticipate a close above this zone could lead to a breakout above PEPE’s immediate resistance at $0.0000134, last seen on June 26.

A breach above this zone could further strengthen the bullish momentum, pushing PEPE toward its next resistance level at $0.00001449, around the 78.2% Fibonacci level. Conversely, if the current candlestick for the PEPE token closes below the 61.8% Fibonacci level, the token is anticipated to target the $0.0000118 zone.

It may further find support at the 50% Fibonacci level of $0.00001149 before attempting another bull run. A breach below this support could pull PEPE to the $0.00001100 psychological support level, indicating a shift in momentum toward the bearish side.

Also Read: Democrat Kamala Harris Won’t Attend 2024 Bitcoin Conference