PEPE Bulls Charge 11%, Is $0.000015 Within Striking Distance?

• PEPE jumps over 11.21%, trading at $0.00001224.
• Daily trading volume surges by more than 27%.

With the stubborn bearish grip on the crypto market, the sturdy recovery attempt has faded, pulling the total market cap down to $3.92 trillion. The brief 1.35% spike in the market has caused the digital assets to fluctuate between gains and losses. Meanwhile, the meme coin market cap has reached $79.3 billion, registering a gain of over 3.9%.

Among the meme coins, the frog-themed token, PEPE, has surged by over 11.21% in the last 24 hours. The asset opened the day trading at around a low of $0.00001099. The active bulls within the PEPE market triggered the price toward a high range of $0.00001220, breaking the key resistance levels between $0.00001103 and $0.00001216.

As per CMC data, at press time, PEPE traded within the $0.00001224 mark, with its market cap resting at $5.15 billion. In addition, the meme coin’s daily trading volume has increased by over 27%, reaching $964 million. The Coinglass has reported that the market has seen a $2.94 million PEPE liquidation during this interval.

Will the PEPE Surge Keep Making Waves?

The technical assessment of PEPE exhibits that the Moving Average Convergence Divergence (MACD) line is settled above the signal line. This crossover indicates the bullish momentum is building, and the price could continue to move up. Besides, the meme coin’s Chaikin Money Flow (CMF) indicator, found at 0.28, suggests a positive movement, with a strong inflow of capital into the asset and likely a sturdy buying pressure is found in the market.

PEPE chart (Source: TradingView)

PEPE’s four-hour bullish price trajectory could trigger the price to climb to the nearby $0.00001230 resistance. Further gains might provoke the meme coin to test its subsequent resistance range above the $0.00001236 mark. If a trend reversal occurs, the downside price movement of PEPE might pull the price back to its immediate support at the $0.00001218 level. An extended correction could see more losses and find the next support at $0.00001212.

PEPE chart (Source: TradingView)

The ongoing market sentiment of the meme coin is right on the edge of the overbought zone as the daily Relative Strength Index (RSI) is at 70.41. This implies a strong buying momentum, but also a pullback or consolidation might be near if buying pressure eases. PEPE’s Bull Bear Power (BBP) reading of 0.00000093 signals the closeness to zero, hinting at the market’s indecision; neither the buyers nor the sellers have the upper hand.

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