PEPEUSDT experienced significant upward movement in the past 48 hours, with closing prices steadily climbing from 0.00000158 to 0.00000204. This upward trajectory indicates robust buying pressure and investor optimism surrounding the asset.The Exponential Moving Averages (EMAs) provide further insight into the prevailing trend. Both the 9 EMA and the 20 EMA have exhibited upward slopes, indicating sustained bullish momentum. The 9 EMA has consistently remained above the 20 EMA, reaffirming the bullish sentiment in the market.
The Moving Average Convergence Divergence (MACD) indicator confirms the bullish trend, with the MACD line consistently above the signal line and the histogram showing an upward trajectory. This suggests that the bullish momentum is likely to persist in the near term.
The RSI reading has soared into overbought territory, reaching levels of 90.25. While this indicates that the asset may be overextended in the short term, it does not necessarily signal an imminent reversal. Instead, it underscores the strength of the current uptrend. However, traders will want to be cautious as this is generally identified as a sell signal and is subsequently a precursor to a correction.
Considering the technical indicators and price action, the Pepe price is likely to encounter resistance at the psychological level of $0.00000209. However, given the prevailing bullish momentum, a break above this level could pave the way for further upside towards new highs.
In terms of support, key levels to watch include:
- 0.00000173: Immediate support level
- 0.00000152: Stronger support level
- 0.00000144: Critical support level
For long trades, potential entry points may be identified on pullbacks towards the 9 EMA or the 20 EMA, while prudent exit points could be considered near resistance levels or upon signs of trend exhaustion. The Pepe price failing to close the next 4-hour candle above $0.00000209 may be a good exit signal for anyone currently in a long position. This could then be a short entry, with a potential exit at $0.00000173.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.