Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- PEPE extended its bullish rally with a gain of 5.9%.
- Rising average coin age indicated more bullish upside.
Pepes [PEPE] The bullish rally continued to progress with a gain of 5.9% 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] reaching the price zone of $26.5k in the same period. This could lead to further price gains for investors in the short term.
Bullish rally is gaining momentum
Source: PEPE/USDT on trade view
Bulls looking to reverse PEPE’s recent losses finally found a strong base to recover from. The strong bearish swing had flipped both $0.00000162 and $0.00000115 support levels into resistance, with sellers reigning supreme.
However, the $0.00000084 support level caused bulls to halt the bearish slide with a strong defense of the level before starting a rally. Retesting the level, PEPE posted gains of 20.8% between June 15 and June 17 and traded at $0.00000100, as of this writing.
The bullish momentum also caused the meme coin to break above the bearish trendline, highlighting significant buying pressure. Further hurdles lie for bulls at the $0.00000115 resistance level. A session close above this resistance will see bulls breach the lower low of the bearish slide and fuel more bullish activity.
If the $0.00000115 level is not recovered, sellers will re-enter the market with available short opportunities, if the price cannot break above the resistance level.
Meanwhile, the Relative Strength Indicator (RSI) and Moving Average Convergence Divergence (MACD) remained bullish over the four-hour time frame. The RSI remained above the neutral 50 with a reading of 60 at the time of going to press. The MACD also continued its upward trend, moving above the zero level after a bullish crossover on June 13. This indicated continued near-term bullish momentum.
On-chain metrics support the continuation of a bullish move
Source: Sentiment
Dates from Sanitation showed that a bullish reversal was coming. The average coin age of 90 days has been steadily increasing since May 5. This indicated continued accumulation of PEPE at lower prices in preparation for a recovery.
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The 30d Market Value to Realized Value (MVRV) ratio was -18.23%, indicating a heavily undervalued asset. This indicated that most traders were still holding on to the meme coin in anticipation of further price increases.
Further upside for Bitcoin will positively impact PEPE as investors flock for more short-term gains.