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As the crypto market experiences a bullish trend, PEPE is approaching a significant resistance level at $0.00002122. Technical indicators suggest that breaking this level could propel PEPE to its next target at $0.000026917. However, failure to surpass this resistance may lead to a pullback to the support level at $0.000018327.
The overall market sentiment remains positive, driven by Bitcoin’s steady performance at $96,000. This optimism has extended to the meme coin market, which saw a 4.47% increase in total market capitalization over the past 24 hours, reaching $105.06 billion. Amid this rally, PEPE is currently trading at $0.00002032, inching closer to a key resistance point.
PEPE’s Bullish Momentum
On the 4-hour chart, PEPE’s price has breached the local resistance trendline, signaling bullish momentum. From its weekly opening price of $0.000017869, PEPE has surged by approximately 13.35%, restoring investor confidence. The current price action has formed a double-top pattern at $0.00002101, aligning with the 61.80% Fibonacci resistance level.
This technical level is critical in determining whether PEPE can achieve further gains in the short term. Indicators, including a potential golden cross between the 50 and 200 EMAs, suggest growing investor interest. Additionally, the RSI (Relative Strength Index) remains above the midpoint, reinforcing the ongoing bullish momentum.
PEPE’s Price Targets
Analysts indicate that a breakout above $0.00002122 would signal a strong buy opportunity for PEPE investors. If this level is surpassed, the next target is $0.000026917, a formidable resistance level that could pave the way for a long-term bullish run.
Conversely, failing to break this resistance might lead to a retracement toward support levels. The 50% Fibonacci retracement at $0.000018327 is a crucial defense point for bulls. A drop below this level could increase selling pressure, pushing the price to lower levels.
As reported by Turkish NY Radio, PEPE’s performance highlights the importance of technical levels in the ongoing bullish trend. Investors should closely monitor these key zones to make informed decisions in this volatile market.
