PEPE Gains 75% in 24 Hours Bouncing Off Psychological Support

Since dropping from an all-time high (ATH), PEPE 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 meant PEPE gained 75.06% in 24 hours.

PEPE/USD Daily Chart on TradingView

Yesterday’s rally fulfilled a Moving Average Convergence Divergence (MACD) divergence that formed on the hourly chart after a bearish gap pulled the PEPE price out of the oversold region. A bearish gap in price during the previous trading day had plunged PEPE to $0.0000009856. However, the bullish recovery of the past 24 hours filled this gap and moved the MACD indicator to the neutral level.

Yesterday’s rally also represented a bounce from a populated area on the 4-hour chart. The region is yet the most significant support region in the life of the newly created meme coin. PEPE’s price action around this region suggests the bull could be returning to the market after several days of profit-taking from the token’s ATH.

PEPE’s 4-hour MACD indicator suggests a developing bullish trend still in its early stages. The indicator lines are in the oversold region with a developing bullish crossover. The 4-hour MACD histogram has also formed a bullish divergence with significant momentum.

PEPE/USD 4-Hour Chart on TradingView

PEPE’s price bounced off significant psychological support at $0.00000010000. This price behavior suggests an upward reversal influenced by preset buy orders. It indicates a prevailing market sentiment, suggesting investors are willing to re-enter the market at this level.

By dropping to $0.0000001000, PEPE has nearly completed the correction from the price surge influenced by listings on major crypto exchanges in the past week. It has entered a period when technical indicators and market sentiment would significantly impact the token’s price.

As is traditional with meme coins, paying attention to the PepeCoin community would be crucial in understanding the next phase of PEPE’s price development. PEPE traded at $0.0000016152 at the time of writing.

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