In the past 24 hours, the price of PEPE Unchained (PEPU) has experienced a remarkable surge of 75.18% following its recent listing on Uniswap. This surge has generated significant excitement as the project gears up for the launch of its Layer 2 blockchain.
The surge in price can be primarily attributed to the Uniswap listing, which has attracted a considerable amount of interest from traders.
Potential 67% Upswing for PEPU?
PEPU exhibited an impressive rally during its initial phase post-launch, and there is a possibility that this momentum could persist.
The token has been trading within a symmetrical triangle pattern, characterized by converging support and resistance levels. This pattern typically signals an accumulation phase among buyers.
PEPU is currently testing the resistance line and is poised for a potential breakout. Should the breakout occur, the price could see a surge of around 67.84%, reaching $0.041 and establishing a new all-time high.
The likelihood of a breakout is supported by the ongoing accumulation and the increasing momentum indicated by technical indicators.
Growing Interest in PEPU from Traders
Market participants are increasingly accumulating PEPU, as evidenced by the Accumulation/Distribution (A/D) indicator.
The A/D pattern recently broke above a descending trendline and is heading back towards its initial point at -1.37 million. If this trend continues, there is potential for further price appreciation. The A/D indicator approaching positive territory indicates a higher likelihood of a rally.
Furthermore, the emergence of a golden cross pattern also supports this bullish outlook. This occurs when the blue MACD line crosses above the orange signal line.
This development, along with the consecutive rise in MACD histogram bars, signifies a strengthening momentum and suggests that PEPU is well-positioned for an upward movement.
Memecoin Market Faces Challenges
The memecoin market experienced a downturn in the last 24 hours, with the overall market capitalization dropping by 2.99% to $115.32 billion, and trading volume declining by 34.83% to $29.43 billion.
PEPE, among the top ten memecoins by market capitalization, encountered significant downward pressure, witnessing a notable price decrease of 10.79%.
Despite the general market decline, the continuous upward momentum of PEPU underlines its growth potential. The asset is poised to benefit significantly once the memecoin market stabilizes and resumes an upward trend.