The recent surge in Bitcoin's price has influenced the broader cryptocurrency market, including Pepe Coin, which shows potential for significant gains. Despite some traders closing long positions, Pepe Coin could see a 39% increase if it breaks through its current resistance levels.
Pepe Coin Outlook: Mixed Sentiment Amidst Recent Dip
Pepe Coin is exhibiting a generally bullish trend, even though it experienced a 2.2% decline in the past 24 hours. Over the last week, however, the meme coin has risen by 23%, indicating growing positive sentiment despite short-term fluctuations. With the potential for a 39% increase, Pepe Coin's price is poised for further gains if it can overcome key resistance points. Concurrently, Bitcoin's price surged over the weekend, surpassing the crucial $62,000 mark and lifting the overall market. Despite this, some Pepe traders are closing their long positions, even as the coin gains in social volume and market dominance.
Social Dominance Could Propel Pepe Coin Higher
Pepe Coin encountered resistance on its daily chart, prompting traders to react to the stalled price action. Data from Santiment reveals that PEPE's social volume has reached a monthly high, indicating a significant increase in mentions of ‘pepe’ related keywords on social media platforms such as X and Telegram over the past 24 hours.
This surge in social activity, coupled with the coin’s recent price increase, suggests that investors are actively seeking information about Pepe Coin, potentially gearing up for new investments. However, despite the rise in social volume, futures traders are closing their long positions. According to Coinglass data, although there are still more long positions than shorts, traders are exiting their longs at a loss, which could signal a bearish outlook for Pepe Coin in the near term.
Pepe Coin Price Targets $0.00001300
The Pepe Coin price chart points to a potential bullish breakout. The price has recently moved above a key resistance level and is hovering near the upper Bollinger Band, indicating strong upward momentum.
In the short term, PEPE is expected to face resistance around $0.00000955. If the bullish trend continues, the next target zone could be $0.00001300. Trading near the upper Bollinger Band typically suggests an overbought market, but it also reflects strong bullish momentum. A breakout above this band could confirm a continuation of the upward trend.
Technical indicators further support the bullish outlook. The MACD (Moving Average Convergence Divergence) is above the zero line, with the MACD line (blue) crossing above the signal line (orange), which is a bullish sign. The increasing histogram bars indicate that momentum is building.
If Pepe Coin can sustain a breakout above $0.00000955 with increased trading volume and supportive MACD signals, it could justify long-term buying, with potential targets above $0.00001300. Further gains would depend on the development of new support and resistance levels in the market.
However, if Pepe Coin fails to break above $0.00000955, it may retrace to $0.00000811, a critical support zone that previously acted as resistance. A drop below this level could invalidate the current bullish outlook.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“