Within the cryptocurrency industry, PEPE is one of the top meme coins that a lot of people trade due to its high liquidity.
As many traders chase after this coin, there have been many short-term spikes in its price as traders try to make a profit off PEPE during these times. At press time, the coin is trading at $0.054980 with an increase of 4.64% over the past 24 hours.
TradingView Chart Signals Building Momentum
According to the data from TradingView, PEPE has been flipping the $0.0000044-$0.0000046 zone as support on the TradingView chart after a recent price drop. The volume has remained stable, and the RSI is above the neutral level, indicating that the bearish momentum is weakening.
If it can break out of the resistance zone at $0.0000057-$0.0000060 with increasing volume, the price may quickly move towards the previous all-time high area, which could set up for further price increases.
Currently, the consolidation period shows balanced market price activity, with buyers protecting key support areas on an ongoing basis. This indicates the possibility of the accumulation prior to a larger directional shift.
Also Read: PEPE Price Sees Strong Breakout With Upside Target Set at $0.0000080
Analysts Flag Potential Breakout
Crypto analyst Ali Charts has pointed out in a recent post on X that the price movement of PENGU is showing characteristics similar to that of PEPE before it broke out, indicating that PEPE is the leader in momentum for the meme-coin market and is being followed by some of the newer coins coming out.
When other meme coins start to track PEPE’s price behaviour, it is generally a sign of increased trader confidence in them and usually translates into increased upward pressure on the price of those coins after major breakouts.
In conclusion, based on a technical analysis standpoint, the coin continues to exhibit a positive technical structure, showing increasing momentum indicators as well as increased interest in trading.
Meme coins will continue to be extremely volatile, and the technical structure of the coin is conducive to an upward price movement if there is an increase in volume and if trader sentiment is positive.
Also Read: PEPE Breakout Reflects Meme Coin Revival, Eyes $0.0000070
