thenewscrypto.com
- $PEPE has shown a daily price increase of 7.28% fueled by the altseason momentum.
- The memecoin’s trading volume has surged by 17.54% in the last 24 hours.
The most recent price cycle brought astonishing news to the crypto community. This Altseason was led by Ethereum, the altcoin that had docked at a price consolidation for several months. Following its surge, other cryptocurrencies also showed their upward movements. Additionally, Bitcoin also showed a 2% price increase hitting $95K.
Moreover, within the memecoin sector, leading tokens such as DOGE and Shiba Inu have reversed gears to become bullish again. Meanwhile, frog-based memecoin $PEPE, after its significant dip, has begun to show signs of recovery. In the last 24 hours, the token recorded a 7.28% price increase, bouncing off from its support levels.
In the afternoon hours of November 27, the memecoin was trading at $0.00001821. Following this it surpassed the previous resistance at $0.000019 and is currently closing towards its next crucial resistance at $0.00002. At the time of writing, $PEPE was trading at $0.00001968 as per CMC data.
Zooming out, inferring its weekly chart, $PEPE reflects a brief descent in the middle of the week. The memecoin, as aforementioned, is attempting to recover its bullish trend in the past day, after the downward trend put a dent in its monthly and weekly price progression.
Will $PEPE Price Recover Into a Bull Run?
Inferring to $PEPE’s price chart, it depicts a horizontal channel pattern. This suggests $PEPE entering a consolidation phase, days after hitting its new ATH on November 14. The horizontal channel pattern suggests that the cryptocurrency could either witness a price breakout or allow for a bearish takeover.
The cryptocurrency’s Moving Average Convergence Divergence (MACD) signal line stands below the MACD line. This further suggests the memecoin’s downward trend. However, $PEPE’s bull power indicator’s value resides at 5.31. The bear power indicator value is at -2.80 as per TradingView data.
It can be inferred from this that $PEPE holds the potential and is attempting to turn bullish. In such a case, the cryptocurrency’s bullish price prediction by TheNewsCrypto analysts for this year is $0.00003600.