Born out of sheer curiosity, PEPE has now accumulated a massive fan following. The coin has recently been rallying past normal metrics and projective bullish signals. PEPE’s growing popularity can be largely attributed to its community, which seems to be driving the coin’s value up a notch.
PEPE price has joined the broader cryptocurrency community, awakening after a show of strength in the Bitcoin (BTC) price. Alongside the frog-themed crypto’s value surge, meme coins are also rallying, which is an unexpected turnout considering how the sector has reacted to BTC price rallying over the past few months. PEPE price has soared 11% amid capital overflows from the BTC market. The token’s price action over the last two weeks has culminated in a falling wedge pattern, which is a technical formation signaling a bullish reversal after a downtrend.
Notably, the strength of the trend that is currently budding heavily depends on whether BTC price is able to sustain current gains. If it does, PEPE price could extend to the supply zone, which stretches from $0.00000874 to $0.00001003. A break and close above its midline at $0.00000937 would confirm the continuation of the trend.
The Relative Strength Index (RSI) is moving upwards to show rising momentum, alongside the consistent green histogram bars of the Awesome Oscillator (AO), indicating growing bullish sentiment. With this, the price action of PEPE price could remain bullish, enhanced by a show of strength from BTC.
On the other hand, if the supply zone does hold as a resistance order block, PEPE price could suffer a rejection that sees the meme coin roll over toward the $0.00000581 support before a recovery.
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