PEPE Unchained eyes $0.041: Is a 67% rally imminent?
The viral memecoin PEPU has become a hot topic, driving significant buying activity.
- PEPU appeared poised for another rally as it traded within a bullish symmetrical pattern.
- Bullish technical indicators suggest continued upward momentum for the asset.
Over the last 24 hours, Pepe Unchained [PEPU] surged 75.18% following its listing on Uniswap, as excitement builds for its upcoming Layer 2 blockchain.
This rally is linked to its Uniswap listing, which has attracted significant trader interest.
A 67% upswing for PEPU?
PEPU saw an impressive 24-hour rally during its launch phase, and its momentum could continue.
The asset was trading within a symmetrical triangle pattern, formed by converging support and resistance lines. This pattern suggests a typical accumulation phase for buyers in the market.
PEPU was testing the resistance line and is on the verge of a breakout. If it succeeds, the price could surge by 67.84%, reaching $0.041 and forming a new all-time high since its launch.
A breakout appears likely, supported by ongoing accumulation and rising momentum, as displayed by the technical indicators.
More traders are accumulating PEPU
PEPU is seeing increased accumulation among market participants, as indicated by the Accumulation/Distribution (A/D) indicator.
The A/D pattern recently broke above a descending trendline and is heading back to its starting point at -1.37 million. If this momentum continues, the asset’s price could climb further. The A/D indicator approaching positive territory indicates a stronger potential for a rally.
Further supporting this bullish outlook is the emergence of a golden cross pattern. This is marked by the blue MACD line crossing above the orange signal line.
This emergence also shows gaining momentum, highlighted by two consecutive rising MACD histogram bars. This suggests PEPU is well-positioned to move higher from its current level.
The meme market takes a hit
The memecoin market has seen a downturn over the last 24 hours. Market capitalization fell by 2.99% to $115.32 billion, and trading volume dropped sharply by 34.83% to $29.43 billion.
Among the top ten memecoins by market cap, PEPE faced significant pressure. It recorded a notable 10.79% price decline.
Despite the broader market dip, PEPU’s continued upward momentum highlights its growth potential. The asset stands to benefit significantly when the memecoin market stabilizes and rallies again.
