PEPE is approaching the $0.00002122 resistance level, which is a significant resistance level amid the ongoing rise in the crypto market. Technical indicators suggest that if this level is broken, the price could potentially rise to $0.000026917. However, if the resistance level cannot be broken, there is a risk of the price falling back to the $0.000018327 support level.
Bitcoin’s consistent performance at $96,000 has created a general atmosphere of optimism in the crypto market. This positive atmosphere has also been reflected in the meme coin market, with the total market value increasing by 4.47% in the last 24 hours, reaching $105.06 billion. With this uptrend, PEPE is currently trading at $0.00002032, approaching a significant resistance point.
The 4-hour chart shows that PEPE has broken through the local resistance trend line and is giving bullish signals. Having recorded a 13.35% increase from its weekly starting price of $0.000017869, PEPE has regained investor confidence. The current price action is forming a double top formation at $0.00002101, which also coincides with the 61.80% Fibonacci resistance. This technical level stands out as a critical point that will determine whether PEPE can move higher in the short term.
Technical indicators also give positive signals that the rise may continue. In particular, the golden transition between the 50 and 200 EMA increases investor interest, while the RSI (Relative Strength Index) continues its horizontal course above the midpoint, indicating that the upward momentum continues.
According to analysts, breaking the $0.00002122 level could be a significant buy signal for PEPE investors. If this level is broken, the price's next target will be $0.000026917, which forms a strong resistance. Breaking the resistance could trigger the start of a long-term bull run for PEPE.
However, if PEPE fails to overcome this critical resistance, the price is likely to pull back to the $0.000018327 level. In particular, the 50% Fibonacci level of $0.000018327 is an important defense line for the bulls. Falling below this level could increase selling pressure and cause a pullback to lower levels.