The Pepe price has surged 8.4% in the past 24 hours and 520% in the past month to trade at $0.000007462 as of 7:20 p.m. EST on a 56% surge in trading volume to $805 million.
Pepe Price Consolidates Into A Bullish Pennant
PEPEUSDT Analysis by Tradingview
The Pepe price is still trading below its all-time high within the bullish pennant pattern, following a sharp surge above the prolonged consolidation channel. The pennant indicates a bullish trend continuation for the Pepe price.
However, the Pepe price is currently on an uptrend within the pennant as the price indicates a rebound on the lower trendline of the pennant.
The price has also slightly breached the 50 and 200 simple moving averages (SMAs) as the bulls try to initiate a bull rally.
The relative strength index (RSI) signals a reversal on the 50 midline level to 59. Increased momentum should see the RSI return to the overbought level, indicating intense buying pressure.
Pepe Price Bullish Pennant Signals A Rebound
The presence of the bullish pennant indicates that the upward trend is likely to continue, potentially leading to another surge in the price. The price bouncing back from the lower trendline of the pennant could help the bulls break through the resistance level at the all-time high of $0.00001086, aiming for a new record high at $0.00001525.
If the bears take control, the price could dip below the 50 SMA, pushing it back towards the lower boundary of the pennant at $0.00000661. Falling below this point might cause the bulls to pull back towards the $0.00000389 support zone.
A Promising Alternative For 100X Returns
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— $SPONGE (@spongeoneth) March 22, 2024
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Renowned analyst and crypto YouTuber Conor Kenny is excited about SpongeV2, which he says could explode massively upon launch.
SpongeV2 is soon expected to announce new listings on bigger and better tier-one exchanges, which is likely to give its price another boost. Investors are urged to act swiftly to secure their tokens before such developments drive the price higher.
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