• Pepe price has flipped the $0.00000807 resistance level into a support floor. 
  • Investors can expect PEPE to kick-start another rally for the broader meme coins sector.
  • A breakdown of the $0.00000807 could hamper the uptrend.

Pepe (PEPE) price shows strength in Thursday’s early Asian session, with a 15% uptick in the last four hours. This surge in PEPE could kick-start the second phase of the meme coin rally.

Read more: Meme coin season ends abruptly

PEPE price sets the stage for next leg

Pepe price has been in a tight consolidation stage since the local top formation on March 5. However, the recent flip of the $0.00000807 resistance level into a support floor has increased buying pressure, pushing PEPE up by 15%.

Moreover, popular analysts and influencers have mentioned how Pepe price could lose another zero, which is another way of saying that a massive rally is in the works for the frog-based crypto token.

Hence, investors can expect Pepe price to enter price discovery mode soon and tag the next key Fibonacci extension level at 161.8% of $0.0000205. This move would roughly constitute a 100% gain.

During its ascent, Pepe's price could take a breather at around $0.0000118 before ascending to $0.0000205.

The Relative Strength Index (RSI) has bounced off the 50 mean levels, suggesting a momentum reset favoring bulls. The Awesome Oscillator (AO) also suggests a potential reset. 

PEPE/USDT 4-hour chart

PEPE/USDT 4-hour chart

On the other hand, if Pepe price breaches the $0.00000807 support floor and flips it into a resistance level, it would suggest that a short-term spike in buying pressure was a fluke. In such a case, Pepe price could slide 40% and revisit the March 5 swing low at $0.00000488.

Read more: DOGE, SHIB, PEPE, WIF soar as meme coins prove to be a global shelling point for speculative liquidity


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Celebrity meme coins controversy continues amid Pump.fun revenue dominance

Celebrity meme coins controversy continues amid Pump.fun revenue dominance

Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.

More Meme Coins News

PEPE's on-chain metrics indicate potential rally after weeks of silence

PEPE's on-chain metrics indicate potential rally after weeks of silence

PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.

More Pepe News

Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF

Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF

Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.

More Ethereum News

Crypto community blasts Polkadot following report of treasury spending

Crypto community blasts Polkadot following report of treasury spending

Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.

More Polkadot News

Bitcoin: BTC price correction could end in July, according to seasonal data

Bitcoin: BTC price correction could end in July, according to seasonal data

Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.

Read full analysis

BTC

ETH

XRP