The cryptocurrency market may seem to be going through a bit of a cold spell at the moment. However, one meme coin is challenging this cold weather. Adorned with the beloved internet figure PEPE, this token is showing resistance against recent downward trends with its increase in price and trading activities. This resistance is fueling speculation of a potential “bullish explosion” in the future. An analyst suggests that there could be significant gains for PEPE.
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PEPE Overcomes the Storm
Technical Analysis Paints a Bullish Picture
PEPE Overcomes the Storm
While Bitcoin and Ethereum have experienced a pause recently, the cryptocurrency known as PEPE has shown unexpected strength. Unlike its more established competitors, PEPE has defied the general market cooling. In fact, this humorous cryptocurrency has experienced a slight increase this week and has recorded a price surge of over 16% in the past 24 hours. This resistance has caught the attention of both investors and analysts.
The recent rise surrounding PEPE has been further strengthened by increased trading activities. The cryptocurrency has stood out with a surprising trading volume of over $1.26 billion in the past 24 hours. Additionally, PEPE’s current market value is solid at around $3.63 billion. This indicates an increasing influence of PEPE in the crypto world.
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Technical Analysis Paints a Bullish Picture
Crypto analyst World Of Charts has identified a bullish flag formation in recent PEPE price movements. This technical indicator often occurs before a price breakout and suggests that PEPE could be at the top of a distinct upward trajectory.
Analyst World Of Charts currently states that PEPE is forming a bullish flag and is testing its upper resistance. If the cryptocurrency manages to surpass this resistance level, it could see a bullish wave of around 80-90% in the coming days.
At the time of writing, PEPE 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. Of these positions, $2.32 million were in short-focused positions.
Disclaimer:
The information provided in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
