PEPE Token Soars 5% in a Day as Bullish Sentiment Holds Strong
Over the past day, Pepe’s PEPE token has shown a bullish trend, fluctuating between $0.00000636 and $0.00000698 according to CoinStats. The token found support around the lower end of this range while facing resistance near the upper limit. As of now, PEPE is trading at $0.00000682, marking a 5.5% increase from yesterday.
This positive movement is also reflected in its market capitalization, which has risen by 6.57% to around $2.885 billion. Trading volume has surged by 14.62% in the last 24 hours, reaching $1.018 billion, indicating increased interest in PEPE trading.
PEPE/USD Price Movement
On the one-day chart, PEPE is on an upward trajectory, aiming for the 61.8% Fibonacci retracement level, potentially surpassing it to challenge resistance levels. Currently, it’s pausing around the 50% Fibonacci level, signaling a temporary halt in bullish momentum.
If the bullish trend persists, PEPE might breach the 61.8% level, targeting the resistance zone around $0.00000919. Conversely, a bearish scenario could see a retest of the 50% Fibonacci level or a dip to immediate support, providing traders with opportunities to adjust their positions.
Indicators for Continued Growth
Technical analysis, like the Moving Average Convergence Divergence (MACD) indicator, signals bullish momentum, positioned slightly above the signal line at 0.00000385. The MACD histogram bars are increasingly green, indicating a strengthening bullish trend.
The Chaikin Money Flow (CMF) index supports this positive sentiment, trading above the zero line at 21, suggesting a net inflow of money into the PEPE market. However, its proximity to the 20 mark suggests potential overbought conditions, hinting at a possible short-term correction before the upward trajectory resumes.
