Crypto market may seem to be going through a chilly phase at the moment. However, a meme coin is defying 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 strengthens speculations of a potential “bullish explosion” in the future. An analyst also suggests that there could be substantial gains with PEPE.
Contents:
PEPE Weathering the Storm
Technical Analysis Paints a Bullish Picture
PEPE Weathering the Storm
While Bitcoin and Ethereum have been taking a breather lately, the cryptocurrency named PEPE has shown unexpected strength. Unlike its more established competitors, PEPE has defied the overall market cool-down. In fact, this humorous cryptocurrency has seen some upward movement this week and recorded a price increase of over 16% in the last 24 hours. This resistance has caught the attention of both investors and analysts.
The newfound surge around PEPE has been further reinforced by an increase in trading activities. The cryptocurrency has stood out with a surprisingly high trading volume of over $1.26 billion in the last 24 hours. Additionally, PEPE’s market value is currently solidly positioned at around $3.63 billion. This indicates the growing 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 the recent price movements of PEPE. This technical indicator often occurs before a price breakout and suggests that PEPE may be at the peak of a distinct upward trajectory.
Analyst World Of Charts currently states that PEPE is forming a bull flag and is testing its upper resistance. If the cryptocurrency successfully surpasses this resistance level, there is an expectation of a bullish wave of around 80-90% in the coming days.
When looking at the current price of PEPE, it is trading at $0.00000861. PEPE has experienced a 17% increase in the last 24 hours. According to Coinglass data, PEPE traders have liquidated $2.97 million worth of positions in the last 24 hours. Out of these positions, $2.32 million were in short-focused positions.
Disclaimer:
The information provided in this article does not serve as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
