As meme coins turn bullish, will PEPE move from $0.000020 to the critical resistance level of $0.000026?
As Bitcoin continues to surpass the $96,000 mark, the meme coin sector is gaining bullish momentum. The market cap of meme coins currently stands at $105.06 billion, with an increase of 4.47% in the last 24 hours.
Amid the sector’s recovery, PEPE is positioned at a psychological crossroads at $0.00002032.
PEPE price analysis
On the 4-hour chart, the PEPE price trend reveals a bullish rally surpassing the local resistance trendline. This rally led to a price increase of almost 13.35% this week from the weekly opening price of $0.000017869, reflecting renewed investor confidence.
At press time, the rally suggests a double top setup at $0.00002101, signaling a potential critical resistance level. This indicates the bullish struggle to cross the 61.80% Fibonacci level, a significant obstacle to further gains.
However, the recovery has increased the chances of a golden crossover between the 50 and 200 EMA lines on the 4-hour chart, which could attract more PEPE buyers. Additionally, the RSI line maintains a sideways trajectory slightly above the midpoint, reinforcing the bullish momentum.
Thus, the momentum indicator remains bullish, supporting the continuation of the uptrend.
PEPE price targets
Despite the chances of a double top reversal, the broader market rally and bullish RSI signal a continuation of the uptrend. This keeps coin traders optimistic. The breakout of the 61.80% Fibonacci level at $0.00002122 will mark a buying opportunity for traders on the price action.
Based on the price trend, the rally on a breakout will likely challenge the $0.000026917 level as it remains the next important resistance level. This will further increase the chances of a prolonged bull run. Below, a break below the 50% Fibonacci level will test the 38.20% support at $0.000018327, marking a crucial defensive zone for the bulls.
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