Despite the current downturn of the crypto market, PEPE coin has been one of the tokens that is still holding strong as its price is still trading above the 100-day Simple Moving Average (SMA) and the trendline.
The token whose total liquidity is valued at over $38 million and a 24-hour trading volume of over $4.9 million once dropped below the moving average, touched the trendline, and is currently trending above the moving average once again.
As of the time of writing, PEPE is still trending above both the 100-day SMA and the trendline. The price is currently trading at $0.00000872, indicating about 3.57% increase in the last 24 hours.
Technical Indicators Reveal Signs Of Continued Upward Movement For PEPE
4-hour RSI Indicator: Looking at the Relative Strength Index (RSI) indicator from the 4-hour timeframe, it can be observed that the RSI line is trending above the 50 level. This indicates the price is still bullish at the moment. Also, there is a divergence between the price action and the RSI line as indicated by the red lines in the image, which suggests a future potential drop in price.
4-hour MACD: Looking at the formation of the MACD indicator from the 4-hour timeframe in the above image, we can also see that both the MACD line and the signal line crossed above the MACD zero line suggesting a continuation of the uptrend. On the other hand, the MACD histogram is already trending above the MACD zero line, suggesting that the price of PEPE is still bullish.
4-hour Alligator: A look at the alligator indicator from the 4-hour time frame shows that the price of PEPE is trading above the alligator lines as the alligator lip and teeth are both above the alligator jaw. It can also be observed that the price dropped below the alligator line and then moved above the lines again, suggesting that the price might continue to move in the upward direction.
Final Note
Currently, the price of PEPE is moving toward the resistance level of $0.00000916 and if it manages to break past this level, it might move further up to retest its all-time high.
On the contrary, if the price fails to break above this resistance level, it will start to move downward toward its previous support level of $0.00000756. And if it breaks below the support level, it might even move further towards the $0.00000591 support level.
Featured image from iStock, chart from Tradingview.com
Source: https://bitcoinist.com/pepe-coin-gains-momentum-eyes-continued-growth/