Is PEPE Coin Rearing For Another Rally After Recent 14% Breakout?

Pepe coin price saw fluctuations as the weekend approached. After a 14% rally to $0.00001074, and clearing one zero from its price on July 3, the meme coin went back to lower levels more recently.

Notably, a golden cross pattern and sharp volume surge supported the rally. Consequently, this placed the memecoin ahead of SHIB, DOGE, and BONK in a bullish-minded sector.

PEPE Coin Price Clears One Zero in Fresh 14% Breakout

PEPE Coin price recorded a sharp breakout on July 3, rising 14% in 24 hours and clearing one zero for the first time in weeks.

According to the market trends, the memecoin rose from a low of $0.00000963 to a peak of $0.00001074.

Additionally, CoinMarketCap data shows that it later settled near $0.00001035, and is still up by 7.24% at the time of reporting.

If anything, this recent price action marked a significant technical shift.

Market participants believe that the move from five decimal places to four places puts the PEPE Coin price in stronger territory and sets a new short-term support level around $0.0000101.

It is worth noting that over 13.7 trillion of the coins were traded within a single hour at one point during the rally.

That high volume coincided with the early stages of the price increase, suggesting increased buyer participation.

Also, PEPE outpaced the broader crypto market, where the CoinDesk 20 Index rose 5.92% during the same period.

The memecoin’s gains also exceeded those of rival tokens, such as Shiba Inu, Dogecoin, and BONK, which all posted smaller percentage increases.

Golden Cross Pattern May Have Triggered Buying

A technical formation known as a golden cross appeared on PEPE coin’s chart just before the rally began.

This occurs when the short-term moving average crosses above the long-term moving average. In technical trading, this signal is often viewed as a potential beginning of a new upward trend.

The formation of the golden cross supported bullish sentiment surrounding the PEPE Coin price.

Trading volume spiked in tandem, with a second wave of 7.7 trillion coins exchanged shortly after the initial surge.

Analysts have noted that such patterns often draw the attention of algorithmic traders and short-term investors.

This may have contributed to the increased demand registered for the top memecoin.

Additionally, Fibonacci extension levels indicate that the next resistance may be located near $0.0000110.

Though analysts noted that price strength would depend on whether trading volume remains elevated. However, the $0.0000101 support zone did not hold for long.

Memecoins Follow PEPE’s Lead as Sector Posts Gains

The wider memecoin market moved higher alongside PEPE. However, to be noted that even though an overall bullish sentiment prevailed, PEPE coin was displaying mixed signals at the time of writing.

According to CoinMarketCap data, among major memecoins, BONK led the market rally with a 10% boost to $0.00001820.

Dogecoin increased by 5.83% to trade at $0.1729 on July 3. Post that the coin went low to $0.1642 at the time of writing. Earlier, we reported that some analysts predicted that Dogecoin could reach $1 in Q3.

Further, Shiba Inu gained also 3.55% to reach $0.00001193 earlier, but was trading at $$0.00001148 at the time of writing. Moreover, SHIB increased by 12.23% in the past week, pegging its market cap is $6.97 billion.

Despite these increases, PEPE Coin price was the only one among the four popular digital assets that cleared a zero at the time.

Notably, this is becoming an event that typically draws attention in the memecoin space. Market watchers said this could strengthen short-term confidence in the PEPE coin price if the level holds in the coming days.

As the market enters the next trading session, investors will be watching to see if the rally continues or if selling pressure returns.

With technical signals flashing and volume still high, PEPE remains one of the key tokens to track in the ongoing memecoin cycle.

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