Pepe Price Rallies Over 9% as Bullish Momentum Strengthens

Pepe's (PEPE) price is bullish in the last 24 hours after establishing support at $0.00001325. This surge reflects the bullish stance in the market, with the overall market capitalization recovering to $2.53T, a 0.74% increase. According to CoinMarketCap, PEPE’s bullish momentum has managed to propel it to the top of weekly gainer with a 49% surge.

As of press time, despite facing resistance at the intra-day high of $0.00001503, PEPE was trading at $0.00001477, a 9.45% surge from the support level. This rally, subsequently, was accompanied by a rise of 9% in market capitalization to $6,213,721,752, reflecting a surge in investor interest. 

With the 24-hour trading volume down 14% to $1,913,546,673, however, traders may be taking a profit with a cautious approach in fear of the bullish trend sustainability. If the bulls, on the other hand, breach the intra-day high, the next resistance level to watch would be around $0.00001550.

PEPE/USD Technical Analysis

On the PEPE 24-hour price chart, the Relative Strength Index (RSI) rating of 63.55 suggests that bulls are in control of the market. However, since the signal line is above the RSI line this bull rally may be waning. On the other hand, since the RSI is pointing upwards, bullish momentum may be building for a rally. 

Signaling a decreasing bull trend, the Moving Average Convergence Divergence (MACD), despite moving above its signal line, is pointing south, nearly converging with a rating of 0.000001831. This trend suggests a bearish crossover may be looming if the bullish momentum continues to decline. 

Adding to the bearish sentiment, the histogram is making lower bars suggesting a decreasing buying pressure. If the histogram falls into the negative region, a bearish divergence may be evidenced. 

The Bollinger bands on the PEPE price chart are expanding and rising upwards, with the upper band, middle band, and lower band touching at $0.000017886, $0.000012699, and $0.000007535, respectively. This trend as a result indicates that PEPE may maintain its upward trend in the short term and hence may draw more investors trying to capitalize on the strong price action. 

Since the price action, however, is moving away from the upper band, a bearish reversal is probable with profit-taking happening, resulting in a potential pullback in PEPE price. A move below the middle line, indicating a bearish turn, might be verified as selling pressure builds and investors pull out.

With the Chaikin Money Flow (CMF) reading in the positive zone at 0.08, there is still purchasing pressure sustaining the present rally in PEPE. This, as a result, suggests that the bullish momentum has more room to go until a reversal happens. If the CMF falls into the negative region the bearish shift may be confirmed.