Will the Bullish Breakout Hold for PEPE, or Is It Just a Short-Lived Spike?

• PEPE trades at $0.000011, marking a 5% gain.
• Trading volume for the day jumped over 38%.

The broader crypto market is slowly recovering from the bear grip, with a 1.58% uptick, bringing the market cap to $4.1 trillion. The majority of the assets have lit the green candlesticks. Meanwhile, the meme coin market cap is settled at $91.5 billion, after a jump of over 4.8%. Also, the tokens like DOGE, SHIB, and MemeCore displaying bullish signs.  

Among the meme coins, PEPE, the frog-themed coin, has registered a surge of over 5.15% in the last 24 hours. The meme coin opened the day trading at a bottom range of $0.00001075. With the bullish turnover, it broke the key resistances between $0.00001079 and $0.00001160 zones to confirm the uptrend. 

At the time of writing, PEPE traded at around the $0.00001161 level, and its market cap is found at $4.83 billion. Consequently, the meme coin’s daily trading volume has risen by over 38.51%, reaching $995.46 million. As per the Coinglass data, the PEPE market has seen a liquidation of $1.29 million during this timeframe. 

A chart exhibits that PEPE is trading inside a large symmetrical triangle, a pattern that signals a big move once the price breaks out. The target is around 78% from the breakout point, but the direction, both up and down, depends on which side of the triangle the price closes. 

Will PEPE’s Uptrend Hold and Accelerate?

PEPE’s technical chart analysis reports that the Moving Average Convergence Divergence (MACD) line and the signal line are settled above the zero line. This crossover is reflecting an overall bullish momentum. Notably, the signal line has briefly crossed above the zero level, showing the strength. 

In addition, the Chaikin Money Flow (CMF) indicator of the meme coin is positioned at 0.15. It suggests moderate buying pressure in the market. As the value is above 0, it points to accumulation, that the money is flowing into the asset rather than out. The closer it gets to +1, the stronger the bullish momentum.

The four-hour price graph of PEPE exhibits an ongoing bullish pace, and that might push the price up and test the pivotal resistance at the $0.00001167 range. An extended correction on the upside could invite the golden cross to take place. It will send the price above the $0.00001173 mark.  

Contrarily, assuming the reversal of the asset’s momentum, a potential fall might trigger the PEPE price to find the nearest $0.00001155 support. Subsequent support could be at around $0.00001149 level, as the downside correction strengthens and the bears initiate the death cross to emerge. 

Moreover, the in-progress market sentiment of the meme coin is at the neutral to bullish zone, with the daily Relative Strength Index (RSI) sitting at 59.82. A move between 60 and 65 may confirm the stronger momentum. PEPE’s Bull Bear Power (BBP) reading of 0.00000076 is close to zero; neither buyers nor sellers have a strong edge. If it moves higher, bulls may gain control, while a drop below zero could make the bears take charge.

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