After the Ethereum ETF approval, meme coins are having a hard time gaining momentum, with PEPE showing a similar pullback and facing a possible drop below a key support level.
Despite this, the overall bullish trend suggests a potential turnaround. The big question is whether PEPE can survive this short-term correction and continue its upward trend this week.
PEPE Price Surge and Potential Market Movements
Following the successful post-retest reversal of a rounding bottom breakout, the PEPE price has shown an impressive uptrend. Over the past five weeks, the meme coin has increased its market value by almost 200%. This massive uptrend signals increasing demand for PEPE as the broader market improves.
With growing anticipations of an altcoin season coming soon, PEPE is poised for a potential massive surge. Currently, the PEPE price trades at $0.00001396, reflecting an intraday fall of 6.15%. This indicates a bullish exhaustion after an 11.52% jump yesterday. If the bulls fail to recover, this exhaustion phase could lead to a breach below $0.000013.
PEPE Price Analysis and Potential Movement
MACD: The MACD and signal lines are regaining an uptrend, avoiding a bearish crossover as they surge with bullish histograms. This indicates a strengthening bullish momentum.
DMI: The Directional Movement Index (DMI) shows a bullish trend with the VI and ADX lines reflecting increased momentum. This bolsters the possibility of a continued bull run.
With a bullish trend in motion and high anticipation of a bull run in the crypto market, PEPE is primed for a significant jump. However, a short-term correction is delaying the expected rally. If the bull run persists, the PEPE price could breach the 1.618 Fibonacci level at $0.000019, reaching up to $0.000020. Conversely, a decline below the $0.000013 mark could retest the $0.000017 level.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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