Key Insights:
- Pepe Price ($PEPE) rallies 7% in the last 24 hours, showing bullish momentum.
- A bullish flag pattern signals potential for more upward movement.
- Increased open interest and trading volume suggest further market engagement.
Pepe ($PEPE) price has surged by 7% in the last 24 hours, marking a significant uptick in price and showing signs of increased momentum. The memecoin has continued to form a bullish flag pattern, analysts are closely monitoring its price action, which suggests further upside in the near future. With growing open interest and increasing market activity, Pepe could be poised for another rally if key resistance levels are breached.
PEPE 1-D C hart and Positive Technical Indicators
PEPE price is trading at $0.00000723 with a 7% gain. This move follows a previous 25% breakout after a period of consolidation. According to market analysis, the recent breakout has improved sentiment, signaling strong bullish momentum.
A key indicator supporting this bullish move is the Golden Cross, which occurs when the 13-period moving average crosses above the 49-period moving average.This crossover is widely regarded as a strong bullish signal, suggesting that PEPE may continue its upward movement if the trend persists.
The Relative Strength Index (RSI) is seen at 47.33 which is at neutral to bullish zone. Because RSI is still below 50, there is the chance to move even higher prior to becoming overbought, which could lead to further upside movement.
The value of Cumulative Volume Delta (CVD) indicator is 5.39T, a strong buying pressure. As evident, the buying volume is outpacing the selling volume and thus confirming the bullish trend.
Bullish Flag Forms: Will PEPE Price Break Out Again?
Market analyst WorldOfCharts1, Pepe is currently forming a bullish flag pattern, a continuation formation that typically signals more upward movement after consolidation. The flag forms after a strong price movement and is followed by a period of consolidation. If Pepe breaks above the upper trendline of the flag, it could trigger another significant rally.
The price of Pepe rose from approximately $0.00000400 to $0.00000690. This amounts to an 83.61% growth over a short timeframe. This represents a major spike, showing more interest and buying power in the market.
Increased Open Interest and Growing Market Activity
PEPE Open interest has increased by 3.66% in the last 24 hours. As of now, the total open interest of Pepe has reached $35 million, which indicates that more traders are entering the market, and they have confidence in the token proportion.
As the market becomes populated with more traders, both volatility as well as the possibility of large price swings become much greater.
Pepe’s Volume/Market Cap Dominance
Additionally, the ratio of the 24 hour volume to market cap is at its most elevated amongst the 100 top cryptocurrencies. Such a high ratio indicates an enormously increased level of trading activity and therefore the involvement of the market in Pepe.
Although the market is already flooded by major cryptocurrencies such as Bitcoin and Ethereum, Pepe’s relative volume compared to the market cap indicates that retail traders and quite possibly institutional traders are very interested.
This strong trading activity suggests that investors are reacting to market conditions. The rise in volume indicates growing interest in Pepe, which could lead to more price swings and further rallies if the trend continues.
The 50-day moving average at $0.00000733 is the immediate resistance. A break above this level opens the door to $0.00000835 and beyond if bulls stay active.
On the downside, support lies at $0.00000660 and $0.00000600. If the price drops below these levels, it could trigger consolidation or a temporary pullback, stalling the current momentum.
By the end of April, analysts predict Pepe’s price could hit $0.00002489, a projected 225.14% increase from its current level. While short-term volatility may continue, the growing interest and strong technical signals suggest Pepe could outperform many other altcoins in the near future.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions
The post PEPE Price Surges 7% As Bullish Flag Signals Further Upside appeared first on The Market Periodical.
