After Soaring 8%, Will PEPE Continue Its Uptrend or Face a Roadblock on the Charts?

• PEPE is up over 8%, currently trading at $0.000011.
• Its daily trading volume has surged by more than 113%.

The crypto market has witnessed a 2.91% uptick. As a result, all major assets have lit up the green candlesticks, reclaiming the recent highs. Notably, the meme coin market cap has reached $63.9 billion, registering a solid 7% surge. Following the suit, the frog-themed meme coin, PEPE, has posted an 8.04% jump over the past 24 hours. 

PEPE was trading at the bottom range of $0.00001003 in the early hours. Gradually, with the bullish wave, the meme coin has climbed to a peak of $0.00001127, choosing to trade on the upside. The crucial resistances between $0.00001011 and $0.00001121 are likely broken. 

According to CoinMarketCap data, at press time, PEPE traded at around $0.00001101, with its market cap reaching $4.62 billion. In the meantime. The daily trading volume has increased by 113%, touching $1.32 billion. As per CoinGlass data, $3.26 million in PEPE was liquidated during this period. 

Can PEPE Keep its Ground in the Market?

The meme coin’s recent trading session reveals the further possibility of an upward price trajectory. This ongoing bullish momentum could push the PEPE price toward the nearby resistance at around $0.00001109 range. Further gains might likely bring in a golden cross, and retest its subsequent resistance at $0.00001120 mark. 

In contrast, if PEPE’s uptrend loses momentum, the price might instantly fall to a low level of $0.00001002. An extended downside correction could initiate the death cross emergence, and the meme coin price would visit its recent lows at around $0.0000091 region, acting as a key range for the price movement ahead. 

In addition, the technical indicators of PEPE exhibited a positive sentiment. The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, indicating that buying pressure is stronger than selling pressure, and the asset’s price may continue to rise. Besides, the Chaikin Money Flow (CMF) indicator is found at 0.09, suggesting an increased money flow into the asset. The higher the value rises, the stronger the accumulation becomes.

PEPE’s current market sentiment is in overbought territory, with the daily Relative Strength Index (RSI) sitting at 76.70. This may lead to a price pullback or correction. Moreover, the Bull Bear Power (BBP) value of 0.00000108 signals a slight bullish dominance in the market. Also, the trend could shift depending on the price action.

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