PEPE Bisa Reli Dua Digit, Ini Level Kuncinya!

The price of PEPE is predicted to surge by over 40 percent, or a double-digit increase, from its current range of $0.00000911. However, there are several key levels that should be monitored closely.

This analysis was presented by Coingape on Monday, August 26, 2024, based on a technical analysis of the 12-hour time frame. Other metrics also indicate positive market sentiment towards this meme coin with a high market capitalization, following Dogecoin and Shiba Inu.

At the time of writing, PEPE was trading at $0.00000905, up slightly by 1.72 percent in the last 24 hours and 35 percent in the past week.

Potential Bullish Breakout for PEPE

According to Coingape, the 12-hour price chart of PEPE shows that its price has moved above a key resistance level and is trading near the upper Bollinger Band, indicating bullish momentum.

"PEPE is likely to face immediate resistance near $0.00000955. If the bullish momentum continues, the next target zone would be $0.00001300," they note.

When the price action approaches the upper band of the Bollinger Band, it usually indicates that the market is overbought but also suggests strong bullish momentum. A breakout above the upper band could signal a continuation of the uptrend.

Confirming this data, the Moving Average Convergence Divergence (MACD) indicator is above the zero line, and the MACD line is above the signal line, indicating bullish momentum. The increasing histogram bars suggest that the momentum is strengthening.

"If PEPE manages to sustain the breakout above $0.00000955 with higher volumes and a bullish MACD signal, it will justify a long position with potential targets above $0.00001300. Further extension will depend on market conditions and development of new support and resistance levels. If PEPE fails to break above $0.00000955, it could retrace to $0.00000811, which now acts as a key support zone. This level has previously acted as resistance and is expected to provide strong support in case of a pullback. A breakdown below this could negate the bullish thesis," they write.

On the charts, PEPE's potential to rise to $0.00001300 from its current range of $0.00000911 (resting above the 200-day MA) equates to 43 percent, as illustrated in the chart below.

Upward Potential Supported by Bitcoin Surge and Social Media Sentiment

Additionally, the potential price increase for PEPE is supported by the recent surge in Bitcoin's price, which has broken through the $62,000 resistance level. When Bitcoin's price rises, the broader crypto market tends to follow suit, including the price of PEPE.

"Bitcoin's price surges often lead to an influx of capital into the broader crypto market, pushing altcoin prices, including meme coins like PEPE, higher," they note.

On the other hand, market sentiment towards PEPE appears positive, with accumulation starting to take place, based on social media data. Data from Santiment shows that PEPE's social volume has reached a monthly peak. This means that the frequency of 'Pepe'-related keywords being mentioned on social media platforms, such as Twitter and Telegram, has increased over the past 24 hours.

"Coupled with PEPE's seven-day price appreciation, this could indicate that investors are looking for more information about PEPE before investing. This increase in social volume could be a sign of growing interest in PEPE among investors, which, in turn, could fuel further price increases," they add.

Despite the surge in social volume, traders in the futures market appear to be closing their long positions. According to data from Coinglass, while long positions still outweigh short positions, traders are closing them at a loss. When traders do this, they tend to open short positions, which could be a bearish signal for PEPE's price.