Recently, the crypto market has experienced significant fluctuations. Amidst this unstable market condition, the PEPE token has shown outstanding performance. In the last 24 hours, this token has been on a bullish trend, with prices fluctuating between US$0.00000636 and US$0.00000698, according to CoinStats data.
The lower price range has provided strong support, preventing further decline, while the upper range has acted as a strong resistance, hindering significant upward movement.
Currently, the PEPE token is valued at US$0.00000682, showing a significant increase of 5.5 percent from the previous trading day.
Market Capitalization Increase and PEPE Token Price
Coin Edition reports that this increase is not limited to the token price alone but also reflected in its market capitalization, which has increased by 6.57 percent, reaching an impressive total of approximately US$2.885 billion. Additionally, trading volume has increased by 14.62 percent in the same 24-hour period, reaching US$1.018 billion.
The spike in trading volume indicates increased interest and investor activity in the PEPE token, signaling its growing popularity within the crypto community.
Technical Analysis of PEPE/USD Price
From a technical standpoint, the PEPE/USD price action on the daily chart shows a promising upward trajectory. The token is currently moving towards the 61.8 percent Fibonacci retracement level, indicating the potential for further gains. This level is crucial as surpassing it could lead to testing higher resistance levels.
Currently, the token price shows slight stagnation at the 50 percent Fibonacci level, halting the previous momentum but potentially preparing for further upward movement.
The prevailing bullish sentiment suggests that if this trend continues, PEPE is likely to break through the 61.8 percent Fibonacci level and may challenge higher resistance zones. Successfully breaking this level could push the token towards a target price of US$0.00000919, setting a new benchmark for its market value.
However, it is important to consider alternative scenarios where bears regain control of the market. If this happens, a retest of the 50 percent Fibonacci level or a decline to the nearest support below it may occur.
Such movements will give traders the opportunity to reassess their strategies and may re-enter the market at more advantageous positions, aiming for a resurgence.
Technical Indicators Show Sustainable Growth
From a technical analysis perspective, various indicators strengthen the optimistic prospects for the PEPE price. The MACD indicator shows bullish signals, slightly above the signal line at 0.00000385. (*)
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