TLDR
- PEPE coin has shown a 4.84% increase in the past 24 hours
- The coin is consolidating between $0.0000127 and $0.0000113
- Technical indicators suggest a potential bullish breakout
- PEPE has recovered 68% since early July lows
- Political developments and positive crypto market sentiment may support PEPE’s growth
The popular meme cryptocurrency PEPE has been making waves in the market, showing resilience and growth amid broader market fluctuations.
Over the past 24 hours, PEPE has seen a notable 4.84% increase, outpacing the average 3.66% growth in the meme coin sector. This recent performance has caught the attention of traders and analysts, who are closely watching for signs of a potential breakout or reversal.
PEPE’s price has been consolidating for the past 12 days, ranging between a strong support level at $0.0000127 and resistance at $0.0000113. This consolidation phase often precedes significant price movements, making it a critical juncture for investors.
Technical indicators are providing mixed signals about PEPE’s short-term future. The Chainlink Money Flow (CMF) has reached the +11.0 mark after holding below +0.05 since July 25, indicating renewed bullish momentum. This is supported by the Relative Strength Index (RSI), which has increased from 40 to 60 over the same period, now leaning bullish and escaping its downtrend since July 15.
Looking at PEPE’s liquidation heatmap, a magnetic zone has formed between $0.000014 and $0.0000148, densely populated with liquidation levels. This stability brought by recent consolidation has built up liquidation levels, making it more likely to be swept in the coming weeks.
However, short positions have set a target of $0.000007-$0.0000076 for a price decline. The liquidity levels chart shows that short positions outnumber longs, which could hint at a potential short squeeze or an upward move to target short-sellers. Such a move could increase buying pressure and drive the price higher, making reaching $0.000014 seem plausible before a potential bearish reversal.
PEPE’s resilience is particularly noteworthy given the market turbulence in early July. The coin has increased by 68% since hitting a low of $0.0000077 during the Bitcoin sell-off earlier in the month. This recovery highlights the strong buying interest and underlying bullish sentiment surrounding the meme coin.
The broader cryptocurrency market context also plays a role in PEPE’s potential future movements. The crypto industry has recently surged by 3.5%, pushing the total market capitalization to $2.48 trillion.
This optimism has been fueled by various political developments, including former U.S. President Donald Trump’s declarations about making the United States a global hub for cryptocurrency and potentially appointing a more crypto-friendly SEC chair.
Such political support could enhance regulatory environments, enabling growth and innovation within the crypto space. Tokens like PEPE could benefit from this improved sentiment and potentially more favorable regulatory landscape.
Easing inflation pressures ahead of the Federal Reserve’s meeting have contributed to the bullish market sentiment. Lower borrowing costs could lead to an increase in funds flowing into the markets, potentially boosting demand for PEPE and other cryptocurrencies.
In the coming weeks, all eyes will be on PEPE as traders and investors watch to see if it can break above the $0.0000125 resistance level, potentially triggering a bullish continuation, or if it will succumb to downward pressure and test lower support levels.
