Pepe Price Might Break Major Barrier as Bullish Signs Emerge

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The Pepe price recorded a slight loss over the past 24 hours to trade at $0.00001189 at press time.

This is after bears exerted pressure on the PEPE price throughout the past week. Overall, the meme coin is down more than 9% on the weekly timeframe.

The Pepe Price Challenging Resistance

The Pepe price is attempting to overcome the resistance level at $0.00001218. Should it manage to flip this barrier into support within the next 8 hours, the meme coin might have the foundation needed to keep rising.

Also read: Notcoin Price: Resistance Levels Could Trigger Sharp Decline

Traders could then look to enter into a long position for the crypto, which might lead to it climbing to the subsequent resistance at $0.00001325 in the following 48 hours. Continued buy pressure if the altcoin rises to this point could lead to the PEPE price overcoming this obstacle as well.

In an extremely bullish scenario, the Pepe price might surge to as high as $0.00001455 in the short term. However, a rejection from the $0.00001218 resistance within the next 12 hours might prevent the strong upside move from happening.

Traders will most likely see this rejection as a short entry signal. This potential sell pressure might lead to the Pepe price seeking support from the $0.00001137 mark. A break below this crucial level could then expose PEPE to the risk of plunging to the next key point at $0.00001083.

Bullish Technical Signs Starting To Emerge

Technical indicators on PEPEâ€™s 4-hour chart suggest the Pepe price might rise in the upcoming 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bullish signs.

Also read: BOME Crypto on Fire as Indicators Point to Impressive Gain

Firstly, the MACD line is rising towards the MACD Signal line. The former breaking above the latter will trigger a major bullish technical flag, and could indicate that the Pepe price has entered a short-term positive phase.

Meanwhile, buyers recently gained the upper hand against sellers, which is evident by the RSIâ€™s cross above its Simple Moving Average (SMA) line. Whatâ€™s more, the RSI is breaking away above the latter to suggest that buyers are growing stronger as well.

If these technical flags are validated, the Pepe price might soon overcome the $0.00001218 resistance. Thereafter, traders could end up entering into a FOMO trade, which might boost PEPE in the short term.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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