- Pepe’s price has been up by 120% in the last three weeks, which shows the bulls’ strength.
- Market capitalization has increased by 17% in the last 24 hours.
Pepe is a deflationary meme coin launched on Ethereum, and it aims to capitalize on the popularity of meme coins like Shiba Inu and Dogecoin. The massive surge in the Pepe coin led to an increase in the market cap to $1.60 billion in April.
The PEPE coin price chart displayed strong buying pressure since February, gaining around 800%. After strong buying pressure, the price underwent a consolidation phase on the top.
Since June, the Pepe coin price has been facing resistance from the supply zone of $0.00000200. In the last week of February, the digital asset price triggered a breakout from this zone, and strong buying pressure was witnessed.
The bullish trend disturbed near the $0.0000100 mark and has struggled below this level for the last two months. In mid-April, the price dropped below the channel, but buyers bounced back and entered the channel again.
Volume and Market Cap Analysis For PEPE Crypto
The trading volume has increased by 100% in a week, impacting the market capitalization positively. The market cap has increased by 50% in the past four days. Due to the positive change in trading volume and market capitalization, the price may trigger a breakout from the channel.
Pepe Crypto Social Dominance and Social Volume Analysis
In the last few hours, social dominance has decreased from 4% to 0.47% and social volume has also done the same. The interaction and involvement on social media like Instagram, X, and Telegram have decreased which may impact the price negatively.
PEPE Price Struggling in a Parallel Channel; Will It Trigger a Breakout?
The asset price has struggled in a parallel channel for the last 2 months. Currently, the price has approached the resistance level and the trading volume has increased by 100% in the last 4 days.
Suppose the buyers show interest and trigger a breakout from the channel, new buying orders can be created. If the PEPE coin price manages to sustain over the channel and trading volume keeps surging, the price will record a new all-time high and continue the trend.
Alternatively, if the digital asset price faces resistance from the $0.0000100 mark and forms any bearish candlestick pattern, it may fall to the lower level of the channel.
Suppose the price triggers a breakdown from the channel, which may easily melt to the 200-day EMA. If the PEPE coin price fails to defend the 200-day Exponential moving average, then most investors may prefer to book profit, leading to a massive fall.
The Relative Strength Index is 64 and heading for the overbought zone. A golden crossover has been generated and is rising by retesting the RSI-based moving average. Pepe crypto price trades over the key moving average, showcasing the positive momentum. Overall, the technical indicators are favoring buying momentum.
Conclusion
Pepe coin has shown strong bullish momentum in the last few weeks, with its price and market capitalization increasing significantly. However, the asset price has struggled in a parallel channel for the last two months and is currently approaching a resistance level. If buyers show interest and trigger a breakout from the channel, new buying orders can be created, and the price may record a new all-time high. On the other hand, if the price triggers a breakdown from the channel, it may fall to the lower level of the channel or even the 200-day EMA. Technical indicators favour buying momentum, but social dominance and volume have decreased recently, which may impact the price negatively.
Technical Levels
Resistance: $0.0000100 & $0.0000140
Support: $0.00000600 & $0.00000470
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.