PEPE gains 75% in 24 hours to fall back on psychological support
- PEPE gained 75% in 24 hours for the first time since reaching ATH.
- The price rally achieved a MACD divergence that has formed on the hourly chart of PEPE.
- PEPE rebounded from the large psychological support at $0.0000010000.
Since dropping from its all-time high (ATH), PEPE stock had its most bullish trading day yesterday. The meme coin opened the trading day at $0.0000010000 and rose to $0.0000018791 before closing the day at $0.0000017379. Yesterday’s price action means that PEPE gained 75.06% in 24 hours.
Daily chart on TradingView
Yesterday’s rally achieved a Moving Average Convergence Divergence (MACD) that formed on the hourly chart after a bearish gap pulled PEPE price from the oversold territory. A bearish gap in the price during the previous trading day sent PEPE price down to $0.0000009856. However, the bullish recovery over the past 24 hours filled this gap and moved the MACD indicator back to the neutral level.
Yesterday’s high also represents a bounce from a populated area on the 4 hour chart. The area remains the most important support area in the life of the newly created meme currency. PEPE price movement around this area indicates that the bull may return to the market after several days of profit taking from the ATH token.
The 4-hour MACD of PEPE indicates that the bullish trend is still in its early stages. The indicator lines are in the oversold zone with a bullish cross developing. The 4-hour MACD chart also formed a bullish divergence with significant momentum.
4-hour PEPE/USD chart on TradingView
PEPE price rebounded from the large psychological support at $0.00000010000. This price behavior indicates a bullish reversal that is affected by pre-defined buy orders. It indicates the prevailing market sentiment, indicating that investors are willing to re-enter the market at this level.
By dropping to $0.0000001000, PEPE has almost completed a correction from a price rally affected by listings on major cryptocurrency exchanges in the past week. It has entered a period where technical indicators and market sentiment will greatly influence the price of the token.
As with traditional meme coins, paying attention to the PepeCoin community will be crucial in understanding the next phase of PEPE pricing development. PEPE is trading at $0.0000016152 at the time of writing.
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