PEPE, a popular meme cryptocurrency, saw a notable rise from the channel’s lowest trajectory. Last week, PEPE price made a double bottom formation and recovered from the support around $0.00000700.
With a notable follow-on buying activity of over 30% last week, the PEPE price revisited the key hurdle and cluster of $0.00001000. It looked to surpass it. Since Fed Chair Jerome Powell’s statement, memecoins, including PEPE, began the rise.
Leading the memecoin rally, the PEPE price reached the edge of a breakout zone. It is anticipated to surpass the declining trendline to flip the trend. Notably, the memecoin displayed a significant retracement and has set to breach the 100-day EMA mark.
A daily close above $0.00001000 would trigger a short covering move. Also, a much-awaited breakout rally can be seen in the short term. If the memecoin succeeds in going through the zone, the bear cartel might get trapped.
Where Can a Falling Channel Take PEPE Price Ahead?
Amid the latest market recovery, meme coins are popping out again, with PEPE rising over 30% this week. Breaking out of the weekly consolidation zone, PEPE anticipated a rise and tried to breach the key hurdle of $0.00001000.
The bulls reappeared and showed strength again, looking to surpass the 100-day EMA cluster to exhibit a next bullish leg up.
However, confirmation was still due; during the intraday session, indecisiveness was observed. Buyers are looking in a dilemma and trying to make the reversal valid.
PEPE traded at $0.000009054 at press time with an intraday drop of over 0.98%. It reflected a minor decline in the chart.
The Chaikin Money Flow (CMF) declined over the last few days, standing at the midline of 0.01. This indicated that the money flowing into PEPE may rise ahead.
@Plazma, in his post on X, said that PEPE has crossed multiple EMAs during the last few hours. It is poised to trigger a sharp potential breakout ahead.
However, the RSI was at 53, implying that the bullish momentum around PEPE was slightly high. Also, it hadn’t reached the overbought territory yet.
Active Addresses Data Showed a Rise
With the price uptick, the active addresses data showed a significant rise. This showed that new investors have taken an interest in it.
However, the social dominance data remained flat, noting around 0.626%. This means that PEPE’s buzz was relatively low, and investors no longer chatted about it.
Network Growth Line Tumbled To Bottom
However, the network growth line dropped to the lowest point, indicating that the new addresses were losing interest in the memecoin.
Likewise, the velocity curve also moved to a lower rate, signifying the decline in the frequency of the trades.
Liquidation Data Hints Bearish Move
Amid the price decline of over 1%, more longs were liquidated in the last 24 hours. It indicated an early indication of price decline. More than $2.33 Million longs were liquidated at press time, whereas only $179.9k shorts were liquidated.
The $0.00001000 mark is the prompt resistance level to watch in a bullish case. Above it, $0.00001380 is the next ongoing hurdle.
Conversely, the important support zone was placed around $0.000008950, below it $ 0.000008700 to be watched out ahead.
