The cryptocurrency market may seem to be going through a bit of a cold spell at the moment. However, one meme coin is defying the chilly weather. Adorned with the beloved internet figure PEPE, this token is showing resistance against the recent downward trends with its increase in price and trading activity. This resistance is fueling speculation of a potential “bullish explosion” in the future. An analyst even suggests that there could be tremendous gains for PEPE.
Contents:
PEPE Weathers the Storm
Technical Analysis Paints a Bullish Picture
PEPE Weathers the Storm
While Bitcoin and Ethereum have recently experienced a lull, the cryptocurrency called PEPE has showcased unexpected strength. Unlike its more established competitors, PEPE has challenged the overall market cool-down. In fact, this humorous cryptocurrency saw some upward movement this week and recorded a price increase of over 16% in the past 24 hours. This resistance has caught the attention of both investors and analysts.
The newfound surge surrounding PEPE has been further bolstered by increased trading activity. The cryptocurrency has stood out with a surprising trading volume of over $1.26 billion in the past 24 hours. Additionally, PEPE currently boasts a solid market value of around $3.63 billion. This indicates an increasing influence of PEPE in the cryptocurrency world.
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Technical Analysis Paints a Bullish Picture
Crypto analyst World Of Charts has identified a bull flag formation in the recent price movements of PEPE. This technical indicator typically occurs before a price breakout and suggests that PEPE may be at the peak of a distinct upward trajectory.
Analyst World Of Charts states that PEPE is currently forming a bull flag and testing its resistance level. If the cryptocurrency manages to surpass this resistance level, the analyst predicts an expectation of a bull wave of around 80-90% in the coming days.
When looking at the current price of PEPE, it is trading at $0.00000861. In the past 24 hours, PEPE has experienced a 17% increase. According to Coinglass data, PEPE traders have liquidated positions worth $2.97 million in the past 24 hours. Out of these positions, $2.32 million were in short positions.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
