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The Pepe price has soared 10% in the last 24 hours to trade at $0.00001041 as of 7:15 a.m. EST on a 7% drop in trading volume to $2.5 billion.
Pepe Price Spikes In Successive Bullish Candles
The daily chart of the PEPE/USDT pair shows a series of technical patterns indicating a potential bullish trend. Initially, the price was in a downtrend, forming a bearish wedge pattern from March to August.
This wedge featured descending resistance and support lines, a setup that often hints at an impending reversal. In August, the price broke above the wedge, signaling a shift in momentum.
The price established a significant support level near $0.000000951, creating a double-bottom pattern. This formation is bullish, indicating that buyers are defending this level and possibly preparing for a trend reversal. This support has held strong, making it a critical price floor for future movements.
PEPEUSDT Analysis Source: Tradingview
The chart also includes the 50-day (green line) and 200-day (blue line) moving averages, which appear to be converging near the current price level of approximately $0.000000988. The fact that the price is trading above both moving averages is a positive indicator, as it implies bullish momentum in both the short and long term.
Pepe Price Indicators Support The Bullish Reversal
After retesting the support level, the Pepe price started to rise, suggesting a bullish reversal that could target higher levels. The chart highlights a potential target price around $0.000001400, a likely next resistance if the current bullish momentum continues.
The Relative Strength Index (RSI) at the bottom of the chart is around 59.24, which is in the neutral-to-bullish range. An RSI above 50 generally supports a bullish outlook, and with the current reading not yet overbought, there may be room for further upward movement.
There outlook for PEPE is positive, with a strong base at major support, a breakout above a bearish wedge, and supportive signals from moving averages and RSI. If the bullish trend persists, the price could aim for the target level near $0.000001400.
Pepe Unchained Presale Blasts Past $25.3 Million – Best Crypto To Buy Now?
As the Pepe price soars, investors are also flocking to buy a new layer 2 rival meme coin called Pepe Unchained (PEPU), which has just crashed past $25.3 million in one of the biggest presales ever.
This bullish momentum has been boosted by substantial whale purchases with the latest transaction recorded on Etherscan for $84,000.
An analyst on the YouTube channel 99Bitcoins, with over 706K subscribers, predicts PEPU could surge 100X once it launches.
Pepe Unchained comes with its own Layer 2 blockchain and aims to free the OG PEPE from its clunky Ethereum blockchain, thus catapulting it into the modern era.
With lightning-fast transaction speeds, reduced costs, and enhanced scalability, the Pepe Chain network is setting a new standard. Its advanced capabilities have even led some analysts to speculate that it could dethrone PEPE as the top frog-themed meme coin.
TODAY IS A BIG DAY!!! 🔥
Not only have reached the $25M milestone, but we have a major announcement for you all.
Buckle up and read below 👇 pic.twitter.com/Y2dEhrozb1
— Pepe Unchained (@pepe_unchained) November 6, 2024
Pepe Unchained is also opening its ecosystem to other meme coins and has unveiled a meme coin launchpad powered by the project’s L2 technology. It looks set to catapult Ethereum into the meme coin spotlight, challenging Solana’s dominance with Pump.fun.
Pepe’s Pump Pad makes it easy to create a meme coin, with no coding knowledge required. Anyone can can thus launch their meme coins with just a simple two-click process on the website.
Several Tier 1 exchanges have already shown interest in listing PEPU, underscoring the project’s massive appeal.
That’s not all. Investors can also earn passive income by staking PEPU tokens for a huge 94% annual return.
Investors can currently buy $PEPU tokens for just $0.01229. With a price increase due in less than 14 hours, now is the time to secure the best deal.
Buy $PEPU using ETH, USDT, or a bank card on the official website here.
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