Journalist
Posted:
- Pepe saw positive trends for four consecutive days.
- The memecoin’s price was becoming more volatile with this trend.
Pepe [PEPE] has been making waves recently due to its price trend, attracting significant investor attention. With its recent price trajectory and heightened market activity, many speculate whether a breakout rally is on the horizon.
This article analyzes the current price action, market sentiment, and key metrics to provide insights into PEPE’s next potential moves.
Pepe’s price action and key indicators
Pepe’s daily chart shows a consistent upward trend. The price was around $0.000002076, at the time of writing. The Moving Average (MA) Cross (50, 200) indicated a bullish golden cross pattern, suggesting further upward momentum.
The Relative Strength Index (RSI) was at 64.77, nearing the overbought territory. This signals strong buyer interest but also calls for caution due to potential retracements.
Source: TradingView
Additionally, the Moving Average Convergence Divergence (MACD) shows positive momentum with a bullish divergence.
The Ichimoku Cloud highlighted support zones near $0.00000184. This points out that buyers could re-enter at these levels even if prices are correct.
Market sentiment and daily active addresses
Market activity surrounding Pepe was notably high. Santiment’s data revealed a surge in daily active addresses, peaking earlier in the month. The daily active addresses chart showed a spike to over 28,000 around the 14th of November.
Recently, there has been a slight decline in active addresses, which might indicate profit-taking by some investors. As of this writing, the number is around 2,800.
Despite the dip, the Open Interest(OI) chart remains strong, indicating sustained interest from derivatives traders. The OI chart showed a slight increase to over $437 million.
This data combination points to mixed sentiment, with strong short-term participation but caution for midterm volatility.
Source: Santiment
The bull and bear case for Pepe
The bullish case for Pepe revolves around its consistent momentum and increasing volume, suggesting a possible continuation of the uptrend.
If Pepe surpasses the resistance at $0.00000211, it could aim for the next significant level of $0.00000250.
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Conversely, the bearish case highlights overbought conditions and declining daily active addresses.
A failure to maintain the current support levels could cause the price to revisit $0.00000184 or lower.
