Pepe coin price is generally bullish today, even though it slid 2.2% over the last 24 hours. The meme coin is up 23% over the last seven days, signifying an underlying bullish sentiment forming amidst the day-to-day noise. The price of PEPE now sees 39% potential gains if it overcomes certain barriers. Meanwhile, Bitcoin price surged over the weekend, surpassing the stubborn $62,000 resistance and pulling the entire market up with it. Nevertheless, Pepe traders have been observed closing their long positions despite the asset rising in social volume and dominance.
Social Dominance May Pump Pepe Coin Price
PEPE found some resistance around a barrier in the daily chart, and traders are reacting to this lag in price action.
Data from Santiment shows the PEPE social volume rose to a monthly high. This means the frequency of mentions of specific ‘pepe’ related keywords on social media platforms like X and Telegram has increased over the last 24 hours.
Combined with the 7-day increase in the price of PEPE, this may indicate that investors are searching about PEPE to get more information before investing in it.
Despite the spike in social volume, Futures traders are closing their longs. According to Coinglass data, although the longs are still higher than the shorts, traders are closing them in loss. When traders do this, they tend to open shorts, which may be a bearish signal for Pepe coin price.
Nevertheless, the Pepe coin chart shows the potential for a 39% surge in price if it defeats a certain key barrier.
PEPE Price Eyes $0.00001300
Pepe coin price chart indicates a potential bullish breakout. The PEPE price has moved above a key resistance level and is trading close to the upper Bollinger Band, suggesting upward momentum.
PEPE is likely to find short-term resistance around $0.00000955. Beyond this, 0.00001300 is the next potential target zone if the bullish momentum continues.
The price action trades near the upper band, which typically suggests the market is overbought but also indicates strong bullish momentum. A breakout above the upper band could signal a continuation of the upward trend.
The MACD is above the zero line, and the MACD line (blue) is above the signal line (orange), indicating bullish momentum. The increasing histogram bars suggest that the momentum is gaining strength.
If the Pepe coin price sustains a breakout above $0.00000955 with higher volume and bullish MACD signals, it will justify long-term buying with targets at potentially above $0.00001300. Further extensions will depend on market conditions and the development of new support and resistance levels.
If the Pepe price fails to break above $0.00000955, it may drop to $0.00000811, which now acts as a critical support zone. This level previously served as resistance and is expected to provide a strong base if the price retraces. A drop lower than that may invalidate the current bullish thesis.
Frequently Asked Questions (FAQs)
Bitcoin recently surged, surpassing the $62,000 resistance, which positively impacted the entire crypto market, including Pepe coin.
Social dominance refers to the increase in mentions of Pepe coin on platforms like X (formerly Twitter) and Telegram. The rise in social volume indicates growing interest in Pepe coin, which often correlates with price increases as more investors seek information before buying.
Long-term investment in Pepe coin could be justified if it sustains a breakout above $0.00000955 with higher volume and bullish MACD signals. However, market conditions and the development of new support and resistance levels should be closely monitored.
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Evans Karanja
Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/pepe-coin-price-prediction-hints-39-gains-amid-bitcoin-upsurge/
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