As a seasoned crypto analyst with a background in technical analysis and market trends, I believe Pepe’s recent price surge of 12.6% in the last 7 days, and especially the 10% increase in the past 24 hours, could be driven by anticipation surrounding potential ETH ETFs trading. PEPE has been consolidating for some time now, and this sideways trending might indicate a bullish reversal as investors position themselves for Ethereum’s potential price movement.
Analysis of PEPE price: In the past week, PEPE’s price experienced a significant jump of 12.6%, with an impressive 10% rise in just the previous 24 hours. Currently, PEPE is being traded at approximately $0.00001189. The price trend for PEPE has been relatively stable recently, and this recent increase could be a reaction to the potential upcoming trading of ETH ETFs.
Pepe Price Analysis: Critical Support Level Must Hold For 2X Gains
PEPE’s price has been pulling back from its record high for approximately a month. Previously, it broke free from a triangular pattern called an ascending triangle, which often triggers a revisit of the previous price level.
The current cost of PEPE sits atop the upper boundary of its ascending triangle pattern, indicating a sideways trend that’s holding steady around this support level. Over the past 11 days, PEPE has been in a consolidation phase, making the $0.0000105 mark an attractive possibility for a price rebound.
As a researcher, I’ve identified a significant correction in the PEPE price over the past month that has formed a falling wedge pattern on the chart. This pattern is typically seen as a bullish indicator, suggesting that a breakout to the upside is imminent. Based on historical market data and trend analysis, I expect this breakout to result in a 96% price surge, taking PEPE to a new all-time high of $0.00002096.
As a crypto investor, I’m excited to notice that Pepe’s price has broken above its 50-day simple moving average (SMA) on the chart. This bullish signal indicates that the trend might be shifting upwards. Furthermore, the substantial increase of 105% in Pepe’s 24-hour trading volume, according to CoinGecko data, is a clear sign of heightened investor interest and optimism towards this digital asset.
The relative strength index (RSI) stands at 48 and is increasing. Additionally, this technical indicator has surpassed its moving average (MA) on the daily chart for Pepe, suggesting potential price gains ahead. Nevertheless, a clear break above the RSI’s midpoint value of 70 may provide stronger evidence of further upward momentum.
As an analyst, I would identify potential resistance levels for Pepe’s price increase at approximately $0.00001725 and $0.00001981. On the other hand, if the price of Pepe were to decline, key support structures can be found around $0.00000848 and $0.00000733.
Fundamentals Flash Buy Signals For Pepe Price
As a researcher examining data from Coinalyze, I’ve discovered that open interest for 1000PEPE has risen by approximately 14% over the past 24 hours across all crypto exchanges. Binance represents the largest portion of this increase. This influx of capital suggests a growing interest in Pepe, potentially indicating a price surge is on the horizon.
The 1000 PEPE Long/Short ratio, which indicates the trading behavior of all 24-hour PEPE traders, climbed to 1.93. This means that approximately 65.82% of these traders have taken a long position (betting on PEPE’s price increase), while the remaining 34.18% have gone short (betting against it). Such a significant imbalance suggests that an overwhelming number of traders hold a bullish sentiment towards the meme coin PEPE.
The price of $PEPE is picking up momentum on the graphs, indicating a potential further increase. If Bitcoin maintains its bullish trend, $PEPE could shed a zero from its value. $SHIB and $DOGE are taking the lead in this surge. Previously, there was a significant 11-fold rise in profits for these memecoins. #cryptocurrencies
— Decilizer (@decilizer) June 25, 2024
According to Decilizer, the crypto analyst, there’s a strong possibility that the price of Pepe could drop a zero if the price trend of Bitcoin continues to be bullish.
Bottom Line
Pepe consistently reacts strongly to positive news about Ethereum, and the latest price surge could be a sign that significant developments are on the horizon for Ethereum’s value.
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2024-06-25 08:40