Can PEPE Price Surge Any Higher? Technical Indicators Indicate Pullout?

Technology

Poised For New Peak As Futures Market Activity Explodes, Triggers Bullish Run – Crypto News

Published

2 years ago

July 16, 2024

Dripp

Pepe price surged 29.1% in the last 24 hours to trade at $0.00001223 during European business hours on Tuesday. The increase may have been triggered by the rise in the price of Ethereum following the preliminary approval of spot ETH ETFs. Subsequently, PEPE 24-hour trading volume increased by 98% to $2.27 billion, signaling an increase in investor interest.

Pepe Price Courts 40% Gains After Breakout From Falling Channel

Pepe Price Chart

The price of PEPE broke out of a falling wedge with an explosive 29% move. Despite this bullish action, the daily candle close yesterday did not establish an uptrend, as the high was still lower than the previous high. All eyes are on today’s daily candle, if it closes above $0.00001350, an uptrend will be confirmed.

Leading indicators are bullish, hinting that the daily candle close has a high chance of hitting that $0.0000135 target.

The relative strength index (RSI 14) is at 61.14 and heading upwards. This shows Pepe’s bullish momentum is increasing and signals that the asset is on an uptrend. Similarly, the Chaikin money flow (CMF) is above zero at 0.12 and facing upward. This indicates that Pepe’s buying pressure is rising, as confirmed by the surge in daily trading volume. The moving average convergence divergence (MACD) crossed above the signal line on July 14, marking the start of a bullish reversal.

Lagging indicators also confirm Pepe’s bullish trend, with the 21-day, 50-day, and 200-day simple moving averages (SMA) trending below the price action.

PEPE price may surge 41% to $0.00001730, with some minor resistance around $0.000012 and $0.000013. Conversely, support exists around $0.000010 and $0.0000078.

Why is Pepe Price Spiking?

The rise in PEPE price may be attributed to the news of the U.S. SEC’s “preliminary approval” of spot ETH ETFs. Pepe has always been one of the most reactive meme coins on the Ethereum blockchain. Previously, when spot Ethereum ETF 19-4b applications were approved, Pepe’s price jumped 56%. Pepe’s upward trajectory may not be over as ETF trading begins on July 23.

Furthermore, data from Coinalyze shows the PEPE aggregated Futures Open Interest (OI) across exchanges surged 31.47% in the last 24 hours. This signals peak interest among investors as they rush to take positions in the meme coin as it prepares to extend gains.

Bottom Line

Pepe price is showing strong bullish signals as futures market activity surges, potentially setting the stage for an all-time high. This spike in derivatives trading suggests growing investor confidence and could trigger a 41% price run to new all-time highs.

Frequently Asked Questions (FAQs)

You can buy PEPE across various centralized exchanges such as Binance, Kucoin, Coinbase e.t.c.

Recently, PEPE broke out of a falling wedge pattern with a significant 29% price increase. However, the price has not yet established a sustained uptrend, as the daily candle close was lower than the previous high.

PEPE registered a 31.47% surge in aggregated Futures Open Interest (OI) across exchanges in the last 24 hours.