Pepe (PEPE) surges over 10% as bulls nullify bearish rally, is a breakout coming?

• PEPE rebounded with a surge of 12.63%, attracting 29,000 new users in 20 days.
• PEPE’s trading volume increased by 25.46%, signaling high interest from investors.
• Technical experts say the MACD crossover is bullish, suggesting a PEPE breakout is likely.

After a bearish rally dominated Pepe markets last week, bullish momentum has reemerged. Over the past 24 hours, Pepe (PEPE) has made a notable recovery, showing its resilience in a volatile market environment. At press time, Pepe’s price was $0.000007107, up 12.63% from the intraday low of $0.00000626.

At the same time, PEPE’s 24-hour trading volume increased 25.46% to $1,560,879,626, reflecting growing investor interest in the potential for an upward rally.

PEPE/USD 24-hour price chart (Source: Coin Statistics)

Pepe’s twist

The Pepe token has recouped recent losses, indicating a strong rebound in investor sentiment. This resurgence comes amid a broader market correction in which many digital assets are under downward pressure. Pepe’s current CoinMarketCap ranking is #40, which reflects a live market cap of $2,985,876,436, up 11.40%. This recovery signals new confidence among investors and traders in the Pepe ecosystem.

Pepe’s performance over the past month has been incredible, with the token achieving a surge of 495.15%. This increase has attracted the attention of individual investors as well as large corporations, colloquially known as ‘crypto whales’. These important players have been actively purchasing Pepe, contributing to increased trading activity and market interest.

The Pepe Network also saw an impressive influx of new users, adding approximately 29,000 new participants within 20 days. This increase in user base is a positive indicator that adoption is growing and could potentially pave the way for further price increases. The expansion of Pepe’s community and increased visibility in the cryptocurrency space are important factors that could impact Pepe’s future price trajectory.

Data from on-chain analytics platforms such as Santiment highlights the correlation between the increasing number of Pepe holders and price movements. The network’s ability to attract new users during market downturns is particularly noteworthy, suggesting strong fundamental interest in the token’s long-term value proposition.

PEPE/USD technical analysis

On the 4-hour price chart, the Bollinger Bands are moving in a linear pattern, with the upper and lower limits touching $0.0000008177 and $0.000006107 respectively. This suggests a period of consolidation where a price breakout is possible. An uptrend is likely to emerge soon as the price recovers from the lower band and creates a green candlestick.

The fact that price action has crossed the midline of the Bollinger Bands shows that momentum is moving into positive territory. This may mean that traders should consider taking a long position in anticipation of a price rebound.

The Moving Average Convergence Divergence (MACD) is pointing above its signal line, increasing the likelihood of a positive trend reversal despite being in negative territory. When the MACD line changes into positive territory, it confirms a bullish signal and gives traders more confidence to buy the asset.

The combination of these signs indicating an upward trend can present a rewarding opportunity for those looking to profit from market changes. Moreover, the histogram has shifted into positive territory, indicating increased bullish momentum and supporting the argument that a price rebound is likely soon.