PEPE Catches a Tailwind: How Much Upside Does the Momentum Hold?

• PEPE has climbed over 12%, trading at $0.0000066.
• Its daily trading volume has exploded by over 148%.

As the crypto market is blowing bullish winds across the assets, the price movement is reversing the losses. With a 3.46% uptick, the global market cap has climbed to $3.24 trillion. Meanwhile, the meme coin market followed suit, rising to $51.7 billion, after a jump of over 7.5%. The frog-themed token, PEPE, has posted a steady and solid 12.73% surge in value.

A prolonged bearish pressure has been ruling the market, pulling the prices back to lows. The meme coin has opened the day trading at a bottom level around $0.000005874, and a bullish shift in the PEPE market triggers the price to mount to a high range of $0.000006706. It has broken multiple key resistances to confirm the uptrend. 

At the time of writing, PEPE traded at the $0.000006632 zone, with its market cap resting at $2.78 billion. Consequently, the daily trading volume of the meme coin has skyrocketed by over 148.79%, reaching the $1.14 billion mark. Furthermore, the Coinglass data exhibits that the PEPE market has witnessed a $3.79 million liquidation. 

Could PEPE’s Price Climb Further?

PEPE’s current bullish price trajectory could push the price up to the $0.000006752 resistance range. Additional upside pressure likely initiates the golden cross to unfold and test a level above $0.000006892. On the downside, if the momentum turns negative, the PEPE price might fall to the support at $0.000006548. Assuming the bearish power strengthens, it triggers the emergence of the death cross, sending the price below $0.000006417. 

PEPE chart (Source: TradingView)

The Moving Average Convergence Divergence (MACD) line of PEPE has moved above the signal line, which hints at bullish momentum. The short-term price strength is increasing relative to the longer-term trend. Moreover, the Chaikin Money Flow (CMF) indicator is positioned at 0.36, implying strong buying pressure in the market. Notably, the money is flowing into the asset dominantly, suggesting accumulation and bullish bias. 

In addition, the market sentiment of PEPE is bullish as the daily Relative Strength Index (RSI) rests at 66.35. Also, the asset is approaching the overbought zone, and a continued push could lead to further upward movement. The Bull Bear Power (BBP) value of 0.00000076 signals a very slight bullish supremacy. As the momentum is weak, the price action may remain bound unless a stronger buying pressure pushes it higher.

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