PEPE Price Pulls Back To Key Hurdle: Breakout Looming?

PEPE Price Eyeing Breakout Amidst Memecoin Rally

PEPE, the popular meme cryptocurrency, has witnessed a significant uptrend from its recent lows. Last week, the PEPE price formed a double bottom pattern and rebounded from a support level near $0.00000700.

Boosted by a surge in buying activity, PEPE climbed over 30% last week, retesting the crucial resistance level at $0.00001000. Following the bullish comments from Fed Chair Jerome Powell, memecoins like PEPE have experienced a resurgence.

Leading the memecoin rally, PEPE price has reached the cusp of a breakout zone. It is expected to break above the descending trendline and reverse its downtrend. Notably, the memecoin has retraced significantly and is poised to cross the 100-day EMA mark.

A daily close above $0.00001000 could trigger a short covering rally, potentially leading to a breakout in the near term. If successful, it could leave the bear cartel trapped.

Amidst the broader market recovery, memecoins are gaining ground, with PEPE outperforming by over 30% this week. Breaking out of its consolidation zone, PEPE anticipates further upside and aims to surpass the key hurdle of $0.00001000.

The bulls have regained strength and are looking to break above the 100-day EMA cluster to extend the bullish momentum. However, confirmation is still pending, and indecisiveness prevails during intraday trading. Buyers are hesitant and attempting to solidify the reversal.

At the time of writing, PEPE traded at $0.000009054, down slightly by 0.98%. Despite the minor dip, the Chaikin Money Flow (CMF) remains near the midline at 0.01, indicating potential inflows of capital into PEPE.

According to Plazma, PEPE has crossed multiple EMAs in recent hours, suggesting a potential breakout. However, the RSI at 53 indicates moderate bullish momentum, and the coin has yet to reach overbought territory.

While active addresses data shows a rise in investor interest, social dominance data remains flat, suggesting that discussions about PEPE are relatively low. The network growth line has also declined, indicating a waning interest from new addresses.

Liquidation data hints at a bearish sentiment, as more longs were liquidated in the past 24 hours, totalling over $2.33 million compared to $179.9k in shorts.

In a bullish scenario, the $0.00001000 level remains a key resistance to watch. Beyond that, $0.00001380 is the next hurdle. Conversely, support is located at $0.000008950, with $0.000008700 as a further downside target.