Pepe Coin Price Shows Bullish Potential Despite Recent Dip

Pepe Coin Price Shows Bullish Potential Despite Recent Dip

Today, the price of Pepe coin exhibits a generally bullish trend, even though it has dipped by 2.2% over the last 24 hours. Over the past week, the meme coin has surged by 23%, reflecting a growing bullish sentiment that is emerging despite daily fluctuations. Currently, Pepe coin could see a potential gain of 39% if it successfully overcomes specific resistance levels. Meanwhile, Bitcoin saw a significant surge over the weekend, breaking past the stubborn $62,000 resistance and lifting the broader market along with it. Despite this, many Pepe traders have started closing their long positions, even as the coin’s social volume and dominance continue to rise.

Social Dominance May Drive Further Gains for Pepe Coin

Pepe coin has encountered some resistance on the daily chart, which has led to a mixed reaction among traders. Data from Santiment reveals that Pepe’s social volume reached a monthly high, indicating a spike in mentions of ‘pepe’ related keywords on platforms like X and Telegram over the past 24 hours.

The combination of a 7-day price increase and rising social volume suggests that investors are actively seeking information about Pepe before making investment decisions. However, despite this surge in social chatter, futures traders are closing their long positions. According to data from Coinglass, while long positions still outnumber shorts, traders are closing them at a loss. This behavior often signals a shift toward opening short positions, which could be a bearish indicator for Pepe’s price.

Nonetheless, the Pepe coin chart points to the potential for a 39% price surge if a key resistance level is breached.

Pepe Coin Price Eyes $0.00001300 as Next Target

The current price action for Pepe coin suggests the possibility of a bullish breakout. The price has moved above a crucial resistance level and is now trading near the upper Bollinger Band, which indicates strong upward momentum.

In the short term, Pepe coin is likely to encounter resistance around $0.00000955. If it manages to break through this level, the next target zone could be $0.00001300, provided the bullish momentum persists.

Trading near the upper Bollinger Band typically suggests that the market is overbought, but it also highlights robust bullish momentum. A breakout above this band could signal the continuation of the upward trend.

Additionally, the MACD (Moving Average Convergence Divergence) is positioned above the zero line, with the MACD line (blue) above the signal line (orange), further indicating bullish momentum. The growing histogram bars suggest that this momentum is strengthening.

Should Pepe coin sustain a breakout above $0.00000955 with increased volume and a bullish MACD signal, it would justify long-term buying, with potential targets exceeding $0.00001300. Future price movements will depend on market conditions and the formation of new support and resistance levels.

Conversely, if the Pepe price fails to break above $0.00000955, it may retreat to $0.00000811, a critical support zone. This level, which previously acted as resistance, is expected to provide a strong base if the price retraces. A further decline below this level could invalidate the current bullish outlook.