PEPE, one of the most notable memecoins of recent times, gained great upward momentum with the listing of the cryptocurrency exchange Kraken in the US market.
Donald Trump's victory in the US presidential election created a huge leap in the cryptocurrency market, and the increase in memecoins in particular attracted attention. Making an announcement on X (formerly Twitter) on November 6, Kraken announced that PEPE had started trading for US customers. The continuation of the memecoin trend, the general rise of the market and Kraken's listing move brought PEPE back to the forefront. PEPE, which has increased by 19 percent in the last 24 hours, seems to leave its mark on the bull season.
PEPE Price Movement and Technical Indicators
Looking at the weekly charts, there are strong signals that PEPE’s price action is forming a bullish flag formation. The pole part of the flag formation was formed during the bull run in early 2020 and reached an all-time high of $0.00001722 in May. After this peak, PEPE entered a downward channel. However, the market rally following Donald Trump’s victory in the US presidential election pushed the memecoin upward again.
Developing Uptrend Momentum and Potential Breakouts
PEPE, which has gained 25% this week, has climbed above the $0.000010 level and is approaching the possibility of an upward breakout. As the possibility of a bullish rally strengthens, a positive intersection of the MACD and signal lines is expected.
The last positive crossover in the weekly MACD indicator in early 2024 led to an increase of nearly 1000 percent. When Fibonacci levels are examined, the bullish flag formation shows that PEPE is very close to testing the 23.60% Fibonacci level at $ 0.00001171. This means that PEPE could start a strong upward period again.