The cryptocurrency market has experienced a notable resurgence, injecting approximately $60 billion into its overall valuation over the past day. This uptick comes as a welcomed relief following a period of significant cross-border market corrections earlier in the week. Despite this volatility, the leading cryptocurrency, Bitcoin (BTC), maintains its position with a value surpassing the $57,000 threshold.
However, within the realm of meme coins, sentiment remains mixed as these tokens exhibit erratic price fluctuations, signaling uncertainty regarding their future price trajectories. Amidst this volatility, one standout performer is Pepe, which has witnessed a remarkable surge in value over the past day, indicative of a strengthening bullish sentiment surrounding the token.
Pepe Memecoin Displays A Bullish Pattern:
After a period of relative neutrality in the initial two months, the price of the PEPE coin underwent a remarkable bullish surge during March, catapulting by over 754% and reaching a peak of $0.000010. Subsequently, however, the bullish momentum waned, leading to a shift in sentiment and a subsequent decline in value as the price succumbed to bearish pressures.
In a detailed analysis of the PEPE price dynamics, observations on TradingView’s PEPE/USDT pair reveal the formation of a symmetric triangle pattern within the 1-day time frame, with the coin’s price movement confined within its bounds. Encouragingly, the Cross Exponential Moving Average (EMA) 50/200-day configuration exhibits a bullish stance, lending support to the price chart and hinting at the potential for bullish price movements in the foreseeable future.
Conversely, a closer examination of the Moving Average Convergence Divergence (MACD) indicator unveils a consistent decline in the green histogram, signaling a mounting selling pressure in the market. Moreover, the moving averages indicate a looming possibility of a bearish convergence within the 1-day time frame, underscoring a mixed sentiment prevailing in the crypto space.
Will PEPE Price Increase?
In the event that bullish momentum resurfaces, the PEPE memecoin is poised to challenge its resistance threshold of $0.00000785 in the upcoming weekend. Should the bulls succeed in sustaining the price at this level, it will pave the way for an attempt to breach the upper resistance barrier of $0.000010 within the current month.
Conversely, a resurgence of bearish sentiment could drive the PEPE price towards its pivotal support level of $0.0000590. Failure on the part of the bulls to uphold the price at this crucial juncture may precipitate a downward spiral, potentially leading to a test of the significant support level at $0.0000040 in the foreseeable future.
Read More Is the Meme Coin Hype Over? WIF, PEPE, FLOKI, BONK Fall
