PEPE Price Attempts to Push Past Resistance – analysis by BeInCrypto
The value of the frog-themed meme coin Pepe (PEPE) has skyrocketed over 10% in the past 24 hours. As of this writing, a PEPE token is worth $0.0000092.
The double-digit rise in the meme coin’s value has propelled its price toward the resistance line of its established descending channel, raising questions about whether it can finally break free.
Due to the general decline in the cryptocurrency market in the last month, PEPE has been on a downtrend. At its current price, the meme coin’s value has declined by 25% in the past month.
This price downtrend has led to the formation of a descending channel within which PEPE has trended since June 25.
A descending channel is a bearish signal. This channel is formed when an asset’s price consistently moves lower, creating a series of lower highs and lower lows.
The upper line of the channel acts as resistance, currently at $0.000013 for PEPE. Conversely, the lower line serves as support, set at $0.0000074 for the meme coin.
Readings from PEPE’s price movements on a daily chart confirm that it is poised to breach this channel’s upper line.
The growth in PEPE’s demand can also be gleaned from its rising Relative Strength Index (RSI) indicator. Although still below the 50-neutral level, the RSI uptrend confirms that the bulls are attempting a comeback.
As of this writing, PEPE’s RSI is 41.67. This indicator measures an asset’s overbought or oversold market conditions. When it trends toward the center line, it signals a spike in buying activity.
Additionally, if this trend continues, PEPE might maintain its current uptrend and soar to $0.0000096.
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