Pepe Price Gains 44.86% In One Week

During May, Pepe entered into a bullish rally to form a high at $0.00000439 and since then, the price has been in a bearish trend. Recently, in the month of June, the cryptocurrency’s price formed a support level at $0.00000088 after falling from the high. This support level helped the price in gaining bullish momentum and the price started to recover from the losses.

The price managed a rise of roughly 100% and faced resistance from the $0.00000170 level. Currently, the price has entered into a consolidation zone ranging between $0.00000150 and $0.00000170.

If bulls take control and push the price above the resistance level of $0.00000170, there is a possibility for the price to head toward $0.00000200. A break and close above $0.00000200 would give a slight confirmation regarding a move towards the next resistance level of $0.00000280. On the other hand, If a break occurs in the downward direction, then the Pepe price might head toward the support level of $0.00000088.

PEPE Coin Surpasses Doge And Shiba Inu

Pepe coin outperformed Shiba inu and Doge coin in trading volume. The bullish rally was the result of Bitcoin and Ethereum gaining bullish momentum primarily because of Black Rock, the world’s largest asset manager, which filed for Spot Bitcoin ETF to the Securities and Exchange Commission.

Memecoins tend to gain popularity quickly due to their price and FOMO element, but there are only a few who were able to build upon their initial popularity to cement their position in the market. Multiple listings on top crypto exchanges is one of the factors that helped propel PEPE to the levels enjoyed by SHIB and DOGE.

Will PEPE Price Break Out In Upward Direction?

The Pepe price trades above the 20 and 50-day EMAs, indicating bullish momentum in the price. The chaikin money flow score is 0.06, suggesting strength in the market. CMF jumped from -0.12 which indicates increased participation of bulls in the market.

Relative strength index (RSI) has crossed above 50 and is currently trading at 54.83, indicating bullish momentum in the price. However, RSI has started to dip as bears have entered into the market to correct the bullish move.

The current structure of the price shows a slightly high possibility of breakout in the downward direction. Pepe’s price is consolidating near the upper band of Bollinger in the hopes of a short-term pullback toward the 20-day SMA.

The long/short ratio is 0.84 with 45.85% longs and 54.15% shorts implying that there is slightly higher pressure from bears in the last 24 hours. The current candle of Bitcoin has turned bearish as the previous candle could not close above $30700, and all the altcoins have also turned bearish.

Conclusion

The market structure and price action of pepe is currently in an indecisive phase as the price is stuck in a consolidation zone. The technical parameters are favouring the selling side.

Technical levels

Major support: $0.00000100 and $0.00000088

Major resistance: $0.00000200 and $0.00000280

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing