The Pepe price is experiencing an upward movement today. The meme coin trades at $0.057249, a 7.09% gain over the last 24 hours. This bullish price movement is supported by massive volume growth, which has increased by 40.24% to $817.66 million on CoinMarketCap.
The growing volume indicates an increasing interest in the PEPE coin, with more buyers and sellers exchanging the token. If this trend continues, $PEPE may attempt to break through key resistance levels.
Analyst Spots Bullish Pattern in Pepe ($PEPE)
Technical analyst Dylan (@DylanTilLEth) has highlighted a key technical pattern on the Pepe ($PEPE) chart: an inverse head-and-shoulders formation.
This pattern is widely recognized as a bullish reversal indicator, suggesting that the meme coin might be on the verge of a strong upward move. The chart shared in the tweet shows a clear neckline, which serves as resistance, and multiple attempts by $PEPE to break above it. A successful breakout above this level could potentially trigger a significant surge in price.
Dylan also points out that ‘big whales’ are accumulating as the price of $PEPE trends slowly higher. Whale accumulation often signals that smart money is positioning itself for a future rally.
Large investors often accumulate assets when they believe the price is undervalued or anticipate a major price movement. If this trend continues, it could create buying pressure that propels $PEPE past the resistance level and into price discovery.
The analyst also connects the potential rise of $PEPE to how well Ethereum (ETH) performs. If Ethereum’s price gains momentum, $PEPE will likely follow suit. This correlation is not surprising, as meme coins on Ethereum generally mirror ETH’s price movements. As Ethereum increases, it can pump more money into altcoins, which favors coins like $PEPE.
Pepe Price Technical Outlook
According to TradingView data, the PEPE price increased steadily yesterday to a high of $0.00000755 before marginally falling off. This indicates buyers controlling the market, but traders should be keen to avoid potential resistance levels at $0.000008 – $0.000009.
If the PEPE price can break through this level of resistance with strong volume, it could be the precursor to more upside movement to $0.00001 and beyond. But if it can’t hold support here, it could drop and retest the area of $0.0000065 – $0.0000060.
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