PEPE is finally waking from its slumber after several days of being range-bound. The token will close the current day as the top gainer as it is up by almost 15%.
The latest move marks a final breakout from its seven-day trend. During this period, the coin failed to surge above $0.0000060 while remaining below $0.0000055. The current price suggests a significant accumulation when the asset was range-bound.
The asset responded to the most recent market trend. It continued its bullish climb following a small pause. The most recent surge was no doubt caused by a demand shock. A clear indication of this is the 40% change in trading volume.
The Relative Strength Index suggests that a bulk of this volume was from the bulls. It climbed above 50 and is currently trending at 54 in reaction to the buying pressure.
Despite the most recent surge, indicators are pointing to more increases
PEPE Heads for $0.0000080
The moving average convergence divergence hints at further price surges. Currently closing with one of its biggest gains in three months, the 12-day EMA intercepted the 26-day EMA, bullish convergence. In relation to RSI, the histogram associated with this metric shows the sudden hike in buying pressure.
With the readings from the momentum indicator, PEPE is edging for a return to $0.0000080. However, the previous price movement that the asset will experience significant selloffs at this mark. To attain stability above the said level, the bulls will look to push prices to the pivot point at $0.0000074.
Gaining stability above the PP will offer the bulls another level to accumulate an defend if a direct attempt at $0.0000080 fails.
Nonetheless, following the massive surge, the asset may slow down.
Guest Author | May 3, 2024
