PEPE Price Skyrockets 45%—But Is a Sharp Reversal Just Around the Corner?

PEPE has delivered a powerful surge, gaining over 45 percent in less than two weeks. The price rallied from $0.00001000 and briefly touched highs near $0.00001590.

This breakout occurred after a consolidation range between $0.00001020 and $0.00001200 was decisively breached. A confirmed technical structure and the rise in volume proved that the breakout was strong and could last.

The rally brought PEPE above critical Fibonacci levels, reaching 23.6 and 38.2 percent retracements. Some recent enthusiasm among traders is pushing bullish traders toward the 50 percent level around $0.00001800.

Looking at the charts, bulls retook the charge after the $0.00001200 level. The area was on solid ground until the market went down in February.

Things picked up once PEPE broke out of a falling wedge and returned to test support near $0.00001050. Having broken key selling pressure in several zones, it developed a steady upward movement.

Simple daily statistics show that the market is gradually showing some caution and exhaustion. An extended upper wick above $0.00001600 points to a highly negative pattern for activities at that level.

Daily RSI is presently at 68.7, highlighting that it’s getting close to exceeding more extreme overbought ranges. The MACD histogram is still above zero, although it has flattened during the past few sessions.

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Momentum Indicators Flash Mixed Signals as Pullback Risk Increases

Lower timeframes suggest that the bullish momentum is starting to fade gradually. On the 30-minute chart, RSI has dropped from overbought levels to a neutral 54.53 reading. The MACD has crossed over downward while the histogram turns negative. The market’s mood and direction could be shifting right now.

Expanding Bollinger Bands points to increased volatility in the current market layout. PEPE is still above the Ichimoku cloud, although price trend lines appear to be leveling off.

A further decline to -18.71 in the Chande Momentum Oscillator indicates that weakness in the short term is possible. It suggests that the market could soon pull back a little from its present position.

This region of $0.00001430 and $0.00001450 is essential because it represents a main breakout point. If the price breaks below this zone, it could fall further to $0.00001320.

On the upside, PEPE must overcome the $0.00001590 resistance with volume support.  Getting confirmation above the current price could let BSC open the door to more gains towards $0.00001750.

The substantial rise in PEPE has led to signs suggesting a reversal could happen. Bulls will decline in value if they cannot sustain strength at existing support points.

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