Pepe soars as top memecoin gainer, but will the hype fade away?
The post Pepe soars as top memecoin gainer, but will the hype fade away? appeared on BitcoinEthereumNews.com.
PEPE has recently broken its long moving-average. It is one of the highest gainers for the week. PEPE has recently taken center stage in the memecoin market, achieving one of the most significant gains among its counterparts over the past week. Data from CoinMarketCap showed that PEPE was one of the top gainers of the week. It has seen over 25% increase in the last seven days, making it the 14th biggest gainer. This uptrend made it the second-biggest gainer among memecoins. As traders turn their attention to its impressive rally, a closer look at price levels, daily active addresses, and other indicators can provide insight into what lies ahead. Charting PEPE’s bullish case PEPE’s price has shown remarkable strength recently, climbing from $0.00000090 to its press time level of around $0.00000112. This was a key support level around the $0.00000100 mark, where the price found footing before this rally. With PEPE trading above both the 50-day and 200-day moving averages at approximately $0.00000096 and $0.00000099, respectively, these levels were crucial indicators of bullish momentum. Source: TradingView The MACD (Moving Average Convergence Divergence) showed a positive crossover, signaling continued upward momentum, while the On-Balance Volume (OBV) line has trended upward, reflecting strong buying interest. Should it maintain support above $0.00000100 and keep the MACD in bullish territory, it may continue to attract buyers aiming for the next resistance level around $0.00000115. Bearish signs emerge as well While PEPE’s recent surge was promising, caution may be warranted as the price approaches potential resistance. Notably the RSI (Relative Strength Index) was nearing overbought territory, suggesting a correction could be on the horizon. Historically, when its RSI reaches these levels, a pullback to support around $0.00000100 often follows as traders take profits. A key resistance level for PEPE lies at $0.00000115, where the…
Filed under: News - @ November 10, 2024 7:06 am