- The derivative data from Pepe hinted that the optimism of the traders hinted, but a break above $ 0.00000780 is needed for a significant price rally
- Although the technical indicators ‘buy’ in the short term, Pepe’s long -term bullish momentum remains doubtful
Popular Memecoin Pepe can be ready for a bullish rally on the back of renewed trader optimism in the speculative memecoin market. With multiple structure fracture (forest) and fixings of character (choch), Pepe is now watching a break above a key resistance level.
In fact, the price of the Memecoin increased by 5.02%, with the trade volume also wins by 39.88% in the last 24 hours. Hence the question – is Pepe ready for a bull rally?
Pepe’s price confirmations
Looking at the 4-hour graph, Pepe seemed to have several forest and choch confirmations indication for a bullish price reverse. This means that the Memecoin has insisted on recovering important support zones, while it is finally also the resistance zone of $ 0.00000780 testing.
According to Blockchainer On coinmarket cap, an outbreak above this level could see that Pepe starts a considerable price strenge in the medium term.
At the time of writing, Pepe traded at $ 0.00000762, with its relative strength index (RSI) on 50 (neutral zone) hints on more buying potential.
Source: Coinmarketcap
Pepe’s technical indicators in the short term, MacD (12.26) and advancing averages, flashed ‘buy’.
On the contrary, long-term advancing averages flashed ‘sales’ a sign that bears still have some influence.
Pepe -Derivate data reveal a considerable bullish sentiment
The open interest of the Memecoin has risen by 8.47% for the past 24 hours, according to Coinglass. The open interest (OI )weight financing interest rate also became positive in the last 48 hour indicative for renewed trader optimism.
Source: Coinglass
After an increase in trade volume (39.88%), traders could position themselves for a rally. Especially since Pepe is preparing for an outbreak above the most important resistance. This can be proven by several forest and choch signals.
The long-diving ratio had a lecture of 1.41-one sign that buyers dominate the market.
Source: Coinank
However, market volatility remains a concern in the Memecoin market because of the very speculative nature, as evidenced by the fluctuating long-term ratio.
This means that Pepe’s long -term bullish momentum remains indefinite.
Will there be a meeting?
Pepe’s forest and choch confirmations, in addition to data on the chain, indicated that a rally can be on the horizon. With the RSI of Pepe in a neutral zone, Pepe is not overbought yet. This means that the market could expect more buyers in the short term.
The price promotion of the Memecoin in the vicinity of the resistance zone could determine the next direction. A breakout above $ 0.00000780 could see Pepe Rally to $ 0.00000850 in the medium term.
