Pepe Coin price has recently surged by 8% in the last 24 hours, showing strong bullish momentum. Over the past week, the price has climbed by 30%, reflecting the broader market’s positive sentiment. Trading volume has reached $2.06 billion, with a 36.47% increase in the last 24 hours. As PEPE continues its upward trend, questions arise: Will it manage to delete another zero soon?
Analyst Predicts PEPE Could Surge by 10% If Resistance Is Overcome
A crypto analyst has pointed out that the Pepe coin price has the potential to rise by another 10% if it manages to break through the current sell wall. As the price fluctuates within a tight range, the next key hurdle is overcoming the resistance level that currently holds the market back.
If PEPE successfully surpasses this barrier, a 10% gain could be within reach. Traders are keeping a close eye on this critical price point as it determines the next phase for the token.
The data, provided by Coinglass, indicates that the Pepe (PEPE) derivatives market is experiencing impressive growth. There is a 27.12% increase in the total volume of trade to reach 4.05 billion dollars. The open interest has also increased by 16.61 percent, where the amount is now at $787.29million.
Such values signify a strong demand for PEPE derivatives, which implies growing entry into the market. The increase in the number of contracts as well as the open interest is a sign that more traders are entering the PEPE derivatives market, and perhaps has been driven by a rise in speculation.
How High Can Pepe Coin Price Go In July
Pepe Coin price has demonstrated good gains over the past weeks when it moved from a lower base to record a new high of $0.00001351. Such a rally is a serious change in the market sentiment and indicates that people are going to buy this token intensively. At the time of writing, the PEPE traded at $0.00001354, with an 8% over the past 24 hours.
The price has already overcome the major resistance lines, which are as follows; $0.000012 and $0.000013, and this has indicated that the price is now gaining momentum towards the bulls.
Currently, the Relative Strength Index (RSI) is set at 70.79, suggesting that the Pepe Coin is in the overbought territory. Although traders are advised to watch out in case the RSI goes too high, as this might be a sign of overextending the market, which means a reversal might not be far.
Conversely, the MACD (Moving Average Convergence Divergence) is showing a great bullish pattern. There is a crossover of the MACD line over the signal line that indicates that momentum has positively changed.
Also, the MACD histogram is growing, which also indicates that the buying pressure is still prevailing in the market. Such a syncing of bullish signals has the ability to drive further advancement, provided maintained.
Key levels to Watch
Key support and resistance levels are critical in determining the next steps for the Pepe Coin price. The most recent support zone sits around $0.000012, which has proven to be a significant level where price reversals have occurred in the past. A pullback to test this support is a plausible scenario before the price continues to move higher.
The next resistance level is at the level of $0.000015 when looking up. In case the price overcomes this resistance, there will be the possibility of climbing up to the range of $0.000016, which will prolong the bullish run. A breakout or rejection in these levels should be trained well; otherwise, they may as well dictate the trend in the days ahead.
