With a remarkable 57% increase over the last month, Pepe [PEPE] continues its upward trajectory, registering an additional 14% surge in the past 24 hours, as per CoinMarketCap.
The momentum in the CryptoCrypto shows a positive sentiment for further growth in PEPE, but the coin must overcome immediate resistance levels to sustain its current rally.
Analysis of Traders’ Behavior
For several months, PEPE was confined within a symmetrical triangle pattern until it broke out on September 26th.
Despite experiencing a significant 30.44% dip post-breakout, PEPE has managed to initiate a new bullish run after bouncing back from a support zone.
In order to push forward, PEPE needs to surpass the hurdle at $0.00001194, failing which a potential retracement might occur.
If PEPE clears this resistance, it is likely to target the $0.00001307 level in the short term before aiming for $0.00001725.
Current indicators suggest favorable buying pressure and momentum, setting a positive tone for PEPE’s price action.
Technical analysis by CryptoCrypto supports this outlook, with the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) indicating a bullish momentum for PEPE.
Continued Positive Performance for PEPE Coin
The CMF tracks the flow of liquidity in and out of an asset, with a positive uptrend indicating strong liquidity inflows.
Meanwhile, RSI reflects market sentiment by monitoring price movement changes, with values above 50 signaling a bullish market sentiment.
At present, both CMF and RSI have moved away from neutral levels, suggesting a promising path for PEPE’s ongoing rally.
A golden cross formation further bolsters PEPE’s bullish stance, highlighting the strong upward momentum following the MACD line crossing the signal line.
Traders are also displaying significant interest, evident from the 15.10% rise in Open Interest to $162 million, signaling a growing number of long positions in anticipation of further price uptrends.
As Open Interest rises alongside supporting technical indicators, PEPE remains poised for achieving its projected price targets, sustaining the current positive sentiment in the market.