Pepe Price Soars, Analysis Suggests Further Gains Possible

In the past 24 hours, the price of Pepe has surged by 12%, reaching $0.00001263 as of 11:40 p.m. EST. This rise has been accompanied by a 98% increase in trading volume to $6.3 billion.

Data from IntoTheBlock indicates that 86% of Pepe holders are currently in profit.

Bullish Signals in Technical Analysis

The PEPE/USD chart analysis shows a breakout from a descending triangle pattern, indicating a potential bullish reversal. According to GeckoTerminal, this breakout suggests buyers are gaining momentum and could lead to further price increases.

Key support levels lie around $0.0000070, where the price has previously consolidated. The next resistance appears at $0.0000150, a likely target if the upward momentum continues.

The price of Pepe has crossed above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the uptrend.

An overbought condition is indicated by the Relative Strength Index (RSI) of 70.37. Caution is advised, as this may signal a potential short-term pullback or consolidation.

The Moving Average Convergence Divergence (MACD) Line is above the Signal Line, confirming bullish momentum. The MACD histogram is also positive, reinforcing the upward trend.

If this momentum persists, the Pepe price could surge even higher, approaching its previous all-time high (ATH) of $0.00001717.

Potential Risks and Emergence of Pepe Unchained

The high RSI indicates that the asset is overvalued and overextended, which could lead to selling pressure. If this occurs, the price of Pepe could drop back to the support zone at $0.0000070.

Meanwhile, investors are also eyeing Pepe Unchained ($PEPU), a rival project that has raised a remarkable $26.6 million in presales. Some believe that $PEPU has the potential to deliver high returns.

Pepe Unchained's Layer 2 (L2) blockchain offers faster transactions and lower fees compared to Pepe ($PEPE), which runs on Ethereum. The project has also launched developer grants to foster innovation and plans to create a meme coin launchpad. Investors can stake PEPU tokens to earn a significant 91% annual yield.