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Despite the global crypto market favoring bears, the $PEPE token has exhibited solid bullish sentiment, making up today’s top gainers with over 8% gain in a single day. This rise comes amid an intraday low of $0.00001171, impacted by the bears after the token opened at $0.00001206. Since then, $PEPE’s price has been consolidating between $0.000013 and $0.000011.
$PEPE Price Action
$PEPE was valued at $0.00001282 at press time, marking an 8.5% increase from the previous day’s closing price and a 6.54% rise over the past week. Positioned 22nd by crypto rankings, $PEPE’s market capitalization climbed to $5,393,620,043. Additionally, its trading volume surged by 35.44% to $1,099,913,114.
Technical indicators further support these gains, suggesting bullish sentiment for the token. For instance, the Directional Movement Indicator (DMI) shows that $PEPE is presently experiencing an uptrend in the short term. This is evident as the positive directional indicator (+DI) is at 26.1584, significantly higher than the negative directional indicator (-DI) at 13.5153. However, the ADX is below 20, indicating a weak bullish momentum.
In tandem, the RSI index is approaching the 70 mark, currently positioned at 63.62, indicating ample space for a potential uptrend in the short term before reaching overbought conditions. Moreover, the 20-day SMA trades below $PEPE’s price at $0.0000122, further supporting a potential upward movement.
$PEPE Breakout Possible if Fibonacci Support Holds
Trading above the 61.8% Fibonacci level at $0.00001264, market analysts anticipate a close above this zone could lead to a breakout above $PEPE’s immediate resistance at $0.0000134, last seen on June 26.
A breach above this zone could further strengthen the bullish momentum, pushing $PEPE toward its next resistance level at $0.00001449, around the 78.2% Fibonacci level. Conversely, if the current candlestick for the $PEPE token closes below the 61.8% Fibonacci level, the token is anticipated to target the $0.0000118 zone.
It may further find support at the 50% Fibonacci level of $0.00001149 before attempting another bull run. A breach below this support could pull $PEPE to the $0.00001100 psychological support level, indicating a shift in momentum toward the bearish side.
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