In the past 24 hours, the global cryptocurrency market capitalization has increased by 2.40%, surpassing $3.40 trillion. The price surge of Bitcoin primarily drives this current bullish trend. It propels altcoins to soar—starting the altcoin season.
In the context of Altseason rising, meme coins have increased in price with a modest breakout. Major meme coins like DOGE and SHIB have recorded modest gains.
At the time of the press report, PEPE had increased by 6.60% on the day, trading at $0.00002112. This meme coin opened the trading day at $0.00002004 and reached a low and high of $0.00001953 and $0.00002128, respectively.
Moreover, the market has witnessed a PEPE liquidation worth $1.60 million during this period. Consequently, the daily trading volume of the meme coin has reached $3.05 billion.
As November comes to an end, the frog-themed meme coin, PEPE, has increased by 120% in the past thirty days. The lowest price of the asset is marked at $0.000007955 and the highest price is $0.00002484.
On the other hand, according to analysts' analysis, the price of PEPE has been consolidated, showing no clear direction. However, a bullish flag pattern is emerging. The Fibonacci retracement indicates strong support at 0.618, suggesting a target price of 1.618.
Can PEPE Maintain the Current Momentum?
The technical analysis of PEPE reports a moderately bullish sentiment in the market. The moving average convergence divergence (MACD) line is above the signal line. If momentum strengthens, an upcoming price surge is anticipated.
It is important to note that the Chaikin Money Flow (CMF) indicator is at 0.08, indicating positive cash flow which could lead to increased demand. Meanwhile, the daily trading volume of the meme coin has risen by over 37.70%.
The four-hour price chart of PEPE signals the potential for a further upward correction. The current positive momentum could push the meme coin to new highs, above the current price level. The meme coin may test the nearby resistance level of $0.00002168. Subsequent gains could push PEPE past this threshold.
Conversely, if the current uptrend of PEPE collapses, potential downward momentum will emerge, which could immediately pull the price down to a low of $0.000020.
Furthermore, the current market sentiment for PEPE is neutral, with the daily relative strength index (RSI) at 63.43. Additionally, the daily frame of the meme coin shows the 9-day short-term moving average above the 21-day long-term moving average.
