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With meme coins turning bullish, will $PEPE rise from $0.000020 to the critical resistance level of $0.000026?
As Bitcoin continues to hover above the $96,000 mark, the meme coin sector is gaining bullish momentum. The meme coin market cap currently stands at $105.06 billion, with a 4.47% surge in the past 24 hours.
Amid the sector’s recovery, $PEPE is positioned at a psychological crossroads at $0.00002032.
$PEPE Price Analysis
On the 4-hour chart, the $PEPE price trend reveals a bullish rally crossing above the local resistance trend line. This recovery has resulted in a price jump of nearly 13.35% this week from the weekly opening price of $0.000017869, reflecting renewed investor confidence.
At press time, the breakout rally suggests a double top pattern at $0.00002101, signaling a potential critical resistance level. This indicates the bullish struggle to break above the 61.80% Fibonacci level, a significant barrier to further gains.
However, the recovery has increased the chances of a golden crossover between the 50 and 200 EMA lines on the 4-hour chart, which could attract more $PEPE buyers. Additionally, the RSI line is maintaining a sideways track slightly above the midpoint, reinforcing bullish momentum.
Thus, the momentum indicator remains bullish, supporting the continuation of the uptrend.
$PEPE Price Targets
Despite the double top reversal chances, the broader market recovery and bullish RSI signal an uptrend continuation. This keeps the meme coin traders optimistic. The 61.80% Fibonacci level breakout at $0.00002122 will mark a buying opportunity for price action traders.
Based on the price trend, the breakout rally will likely challenge the $0.000026917 as it remains the next key significant resistance level. This will further increase the chances of an extended bull run. On the bottom side, a breakdown under the 50% Fibonacci level will test the 38.20% support at $0.000018327, marking a crucial defense zone for the bulls.