PEPE Price Jumps 23% Today: Why It’s A Bull Trap

Pepe Price Rebounds Amid Market Recovery

Over the past 24 hours, Pepe's price has surged in tandem with the recovering crypto market, positioning itself among a select group of digital assets leading the rally.

Despite the recent turmoil in the crypto industry, particularly the significant decline in Bitcoin, Pepe has rebounded by 24%. However, it remains down by 34% over the past week.

Technical Analysis

Pepe's price chart indicates a descending channel characterized by blue lines. Within this pattern, the price faces resistance at the channel's upper boundary and support at the lower boundary.

Recently, Pepe tested the channel's lower boundary and bounced upwards, hinting at a potential short-term reversal within the overall downtrend. The formation of a bullish candle after touching the lower boundary suggests increasing buying pressure.

Resistance and Support Levels

Pepe's price faces temporary resistance at $0.00000767, coinciding with the 50-day EMA ($0.0000104) and 200-day EMA ($0.00001027) and aligning with the upper boundary of the descending channel. A key support level exists at $0.000006, near the recent bounce point within the channel.

Indicators

Both EMAs are trending downwards, indicating bearish momentum. The Relative Strength Index (RSI) is near oversold territory, suggesting a potential short-term bounce. The Chaikin Money Flow (CMF) is slightly negative, indicating reduced selling pressure.

Bullish Outlook

If Pepe's price successfully rallies and breaks above the 50-day and 200-day EMAs, it may signal a market reversal and invalidate the current bearish trend. In this scenario, Pepe could test the upper boundary of the falling channel around $0.000012.