Can PEPE Break Its ATH as Bullish Momentum Builds?

• PEPE trades at $0.00002123, with over 12% surge in 24 hours.
• The meme coin’s daily trading volume has surged over 36.16%.

Bitcoin (BTC), the pioneer of the crypto market, is edging closer to the $100K milestone, reaching a new all-time high of $99.3K. The rally has given a hand to the altcoins to hit their new highs. The third-largest meme coin, PEPE, has staged a notable recovery of over 12.63%. 

The meme coin’s bullish momentum signals a potential breakout rally. If PEPE’s momentum continues to build, it could break its all-time high. The asset is only 15.15% short of reaching its new ATH.

PEPE opened the trading day at $0.00001891 and later led to breaking the nearby resistance and ascending to a high of $0.0000216. At press time, the meme coin trades at $0.00002123, with the market cap resting at $9 billion. 

Notably, the asset’s daily trading volume has reached $5.39 billion. According to CoinGlass, $7.36 million in PEPE was liquidated during this timeframe. 

Zooming in at the seven-day price chart, PEPE has recorded a gain of over 10.59% and began trading at $0.00001935. Eventually, the price has steadily climbed to a weekly high of $0.00002388. 

Is PEPE Heading for a New All-Time High?

PEPE’s technical chart analysis has demonstrated the ongoing positive momentum. The Moving Average Convergence Divergence (MACD) line is likely stationed over the signal line. This infers the imminent bull run of the meme coin. 

Observing the Chaikin Money Flow (CMF) indicator of PEPE at -0.03 is significant, which suggests the decreased money flow. Meanwhile, the meme coin’s daily trading volume has surged by over 36.16%. 

In addition, the existing market sentiment of the asset is in the neutral zone, with the daily relative strength index (RSI) settled at 59.18. Moreover, PEPE’s daily frame unveils the short-term 9-day moving average above the long-term 21-day moving average.

Besides, the meme coin’s four-hour price chart displays the prospect of an upside correction within the market. If PEPE’s upside momentum remains intact, the price could move toward testing its newly formed resistance at $0.00002597. A successful breach above this mark may trigger a potential rally.

Conversely, if the current momentum fades and the downturn resumes, PEPE might revisit the previous support level around $0.00001648. However, if the selling pressure intensifies at this mark, the meme coin’s price could correct down even lower.

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