Pepe Coin witnessed a significant setback with a more than 5% decline during Tuesday’s market-wide correction. However, today marks a notable recovery as the crypto surged by over 15%. Amidst ongoing market turbulence, characterized by Bitcoin’s drop below $61,000 and Ethereum slipping under $3,100, Pepe’s resilience is drawing attention.The cryptocurrency has seen its 24-hour trading volume surpassing $1.6 billion USD.
Recent price movements in the last 24 hours saw PEPE price swings between $0.0000069 and $0.00001050,as buyers started coming into the market. After dropping to $0.00000581 on Tuesday, Pepe Coin is again trading above the resistance levels identified as $0.0000065 and $0.0000068.
A move above the $0.0000071 level could indicate a bullish correction, suggesting that confidence is returning among traders and that PepeCoin may resume its upward momentum.
The 4-hour chart Relative Strength Index (RSI), sitting just above the 40 mark, suggests a neutral to slightly bearish sentiment. The current RSI level provides room for upward movement before the coin would be considered overbought, hinting at a potential for recovery if bulls continue mounting pressure.
The Average Directional Index (ADX), hovering around 26.49, supports bullish sentiment, yet its strength is moderate.This supports the interpretation that while upward momentum is present, it may not be compelling enough to indicate a robust continuation without further corrections.
PEPE/USD 2-Hour Chart Analysis:Bullish Momentum Builds
On the 2-hour chart, PEPE coin displays a shift in market sentiment, as it recovers from a recent dip to lows of $0.00000581. Currently, the cryptocurrency is trading at $0.000006926, marking a significant upswing of more than 15%.
This positive change in price is confirmed by the Exponential Moving Averages (EMAs), where the short-term EMA (20-period) begins to pivot upwards, suggesting a budding bullish phase. The increase in trading price points towards an influx of buying pressure as market participants capitalize on the lower price point, potentially indicating a collective assessment that the dip represented a buying opportunity.
The EMAs are still trending below the longer-term 100 and 200-period averages, which could be interpreted as the market seeking to find a stable ground before establishing a confirmed bullish trend.
The Relative Strength Index (RSI) on the 2-hour chart has moved upwards but remains below the overbought threshold of 70, sitting near the midpoint at approximately 52. This implies that there is room for upward movement before the asset is considered overbought.
The Moving Average Convergence Divergence (MACD) also suggests a changing tide as the signal line begins to converge with the MACD line, a sign often associated with potential upward price momentum.
Pepe coin’s support levels are situated at $0.0000055876, $0.000000551, and the strongest support observed at $0.0000054391. These levels signify areas where buying pressure may increase, potentially halting or reversing downward price movements.
Conversely, resistance levels, positioned at $0.0000077361, $0.0000080120, and $0.0000088845, represent zones where selling pressure could intensify, hindering upward price momentum. With the upcoming Federal Open Market Committee (FOMC) meeting results, macroeconomic factors could also sway the direction of PepeCoin and its peers.
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- Source: https://www.fintechnews.org/pepe-recovers-steadily-amidst-market-turbulence/
