PEPE extends recent gains – More profits ahead?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- PEPE extended its bullish rally with 5.9% gains.
- Rising mean coin age hinted at more bullish upside.
Pepe’s [PEPE] bullish rally continued to make progress with 5.9% gains over the past 24 hours. A recent price report highlighted the possibility of a strong bullish reversal from the $0.00000084 support level, with buyers maximizing the opportunity.
How much are 1,10,100 PEPEs worth today?
PEPE bulls have been encouraged by Bitcoin [BTC] hitting the $26.5k price zone over the same period. This could spur further price gains for investors in the short term.
Bullish rally gathers steam
Bulls looking to reverse PEPE’s recent losses finally found a strong base to rebound. The strong bearish swing had flipped both $0.00000162 and $0.00000115 support levels to resistance, with sellers reigning supreme.
However, the $0.00000084 support level saw bulls halt the bearish slide with a strong defense of the level before initiating a rally. A retest of the level has seen PEPE post gains of 20.8% between 15 June and 17 June to trade at $0.00000100, as of press time.
The bullish momentum also saw the meme coin break above the bearish trendline, which highlighted the significant buying pressure. Further hurdles lie for bulls at the $0.00000115 resistance level. A session close above this resistance will see bulls break the lower low of the bearish slide and spur more bullish activity.
Failure to reclaim the $0.00000115 level will introduce sellers back into the market with shorting opportunities available, if price can’t break above the resistance level.
Meanwhile, the Relative Strength Indicator (RSI) and Moving Average Convergence Divergence (MACD) remained bullish on the four-hour timeframe. The RSI remained above the neutral 50 with a reading of 60, as of press time. The MACD also continued its uptrend moving above the zero level after a bullish crossover on 13 June. This signaled sustained bullish momentum in the short term.
On-chain metrics support continuation of bullish move
Data from Santiment showed a bullish reversal was bound to happen. The 90d mean coin age has been on a steady ascent since 5 May. This hinted at a sustained accumulation of PEPE at cheaper prices in preparation for a rebound.
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The 30d Market Value to Realized Value (MVRV) ratio stood at -18.23% hinting at a heavily undervalued asset. This signaled that most traders were still holding onto the meme coin in anticipation of further price rises.
Further upside for Bitcoin will positively impact PEPE, as investors flock in for more short-term gains.