- Prices remain over the $0.000008045 breakout level, which is a bullish structure.
- If the price moves past $0.00000888, it should move towards $0.00000952 and $0.0000
- Volume and structure hint at support for a breakout, but momentum is still weak.
The upward trend of PEPE gradually maintained after it successfully surpassed a key resistance barrier. A double-bottom pattern appeared before the break, which raised prices above $0.000008045 and established a bullish reversal. The breakout period brought significant volume growth, indicating growing demand from buyers.
PEPE rallied after reaching its higher low point at $0.00000760. The movement generated a new foundation that confirmed additional upward potential. The price can maintain its upward momentum because it maintains its position above the level from which it broke out.
Traders are still waiting for the price to approach the critical resistance level of $0.00000888 from April. A price rise above this zone will create additional value growth potential to reach $0.00000952 and $0.00001080. PEPE’s current short-term targets are these zones, the upper band of PEPE’s previous spike range.
However, If the token doesn’t break past $0.00000888, the price could return to a consolidation phase. Meanwhile, in the compression zone, if there is a lack of momentum, the price action could be between $0.00000759 and $0.00000835. The bullish structure will be invalidated, and the market may be exposed to a new set of downside risks below $0.00000700. The trend looks like a continuation as long as it can be confirmed above the descending trendline.
Technical Indicators Reflect Cautious Optimism
PEPE is trading at $0.00000811 as of press time, making a 0.25% gain within 24 hours. Momentum indicators show limited strength, with the Relative Strength Index (RSI) reading 46.60. The RSI remains below the neutral midpoint of 50, suggesting mild pressure but no dominant trend.
At the same time, the price had a moving average closing value of 51.30, just above the price range. Moving Average Convergence Divergence (MACD) almost did not diverge, and none of the lines spun off far from each other as momentum was low. In trading these values, the traders are waiting to see what happens and will continue to hold in anticipation as price action remains quite in the same tight range.
However, breakout setups often come from compression despite the weak signals. Market volatility historically increases after a period of low momentum has gone on for a while. Technical traders also keep volume levels updated for confirmation. Considering the high volume near the $0.000008045 breakout, participants were interested in participating and maintaining the bullish breakout structure as long as important support levels stood their ground.
Volume and Structure Support Bullish Case
PEPE’s price movement was underpinned by the compression breakout structure. Since volatility levels remain low, a volume jump could help quickly charge up the breakout. Market watchers are observing the descending trend line, as a breach of this level would spur a retest of April highs.
Furthermore, previous resistance turned into support with the move above $0.000008045, confirming the double bottom pattern, and we see bulls defending their positions. The term trigger point remains at $0.00000888, with the price targets set at $0.00000952 and $0.00001080, which might bring forth the possibility of the consolidation phase failing to pass this level, and, as such, any follow-through could be delayed until stronger signals are present.
