The price of Pepe coin is generally bullish today, even though it is down 2.2% in the past 24 hours. The meme coin is up 23% in the past seven days, suggesting that an underlying bullish sentiment is forming amidst the daily noise. PEPE price now has a potential 39% upside if it clears certain barriers. Meanwhile, Bitcoin price surged sharply over the weekend, overcoming the stubborn $62,000 resistance and dragging the entire market higher with it. Still, Pepe traders were observed closing their long positions despite the asset’s social volume and dominance increasing.
Social dominance could drive up the price of Pepe Coin
PEPE encountered some resistance around a barrier on the daily chart and traders are reacting to this delay in price movement.
Data from Santiment shows that PEPE’s social volume has risen to a monthly high. This means that the frequency of mentions of certain “Pepe”-related keywords on social media platforms such as X and Telegram has increased in the last 24 hours.
This, combined with the 7-day increase in PEPE price, could indicate that investors are looking for more information about PEPE before investing in it.
Despite the increase in social volume, futures traders are closing their long positions. According to Coin jar Data: Although the longs are still higher than the shorts, traders are closing them at a loss. When traders do this, they tend to open shorts, which can be a bearish signal for the Pepe coin price.
Nevertheless, the Pepe coin chart shows the potential for a 39% price increase if a certain key hurdle is overcome.
PEPE price targets $0.00001300
Pepe coin price chart suggests a possible bullish breakout. PEPE price has broken above a key resistance level and is trading near the upper Bollinger Band, indicating bullish momentum.
PEPE is likely to face resistance around $0.00000955 in the near term. Moreover, 0.00001300 is the next potential target zone if the bullish momentum continues.
The price action is near the upper boundary, which usually indicates that the market is overbought but also indicates strong bullish momentum. A breakout above the upper boundary could signal a continuation of the uptrend.
The MACD is above the zero line and the MACD line (blue) is above the signal line (orange), indicating bullish momentum. The increasing bars in the histogram suggest that momentum is gaining strength.
If the Pepe coin price sustains a breakout above $0.00000955 with higher volume and bullish MACD signals, it will justify long-term buying with targets potentially above $0.00001300. Further extensions will depend on market conditions and the development of new support and resistance levels.
If Pepe price fails to rise above $0.00000955, it could drop to $0.00000811, which is now acting as a critical support zone. This level has previously acted as resistance and is expected to provide a strong base if the price retraces. A drop below this could invalidate the current bullish thesis.
Frequently Asked Questions (FAQs)
Bitcoin price recently rose sharply and broke the resistance level of $62,000, which had a positive impact on the entire crypto market, including Pepe Coin.
Social dominance refers to the increase in mentions of Pepe Coin on platforms such as X (formerly Twitter) and Telegram. The increase in social volume indicates a growing interest in Pepe Coin, which often correlates with price increases as more investors seek information before purchasing.
A long-term investment in Pepe Coin could be justified if it manages to break above $0.00000955 with higher volume and bullish MACD signals. However, market conditions and the development of new support and resistance levels should be closely monitored.
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Evans Karanja
Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video games. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes blockchain will revolutionize many industries in the coming years. When he’s not writing, you can find him playing video games or chasing waterfalls.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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