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The Pepe price surged more than 30% over the last 24 hours to trade at $0.000008851 at press time.
Pepe Price Establishes Strong Support
4-hour chart for PEPE/USDT (Source: TradingView)
Over the past 48 hours, the Pepe price has captured the attention of the market with its upward trend on the 4-hour chart. The closing prices have seen a consistent increase, signaling a robust buying interest. This bullish momentum is corroborated by key technical indicators, highlighting potential strategies for both entry and exit points for traders.
The 9 Exponential Moving Average (EMA) has shown a steady rise, tracking the Pepe price movement closely and suggesting a bullish trend. The 20 EMA has also seen an upward shift as well, reinforcing the positive momentum.
pic.twitter.com/czMIUY2zlq — Pepe (@pepecoineth) March 8, 2024
The Moving Average Convergence Divergence (MACD) offers further insight into the market’s dynamics. Despite an initial bearish divergence, the MACD histogram transitioned to bullish territory as the MACD line surged above the signal line. This change indicates an increase in buying pressure, pointing to the possibility of sustained upward movement.
The Relative Strength Index (RSI) has also ventured into bullish zones, ranging from 52.67 to 65.26. These levels suggest that while the momentum is increasing, the market has not yet reached overbought conditions, leaving room for further upside potential.
Key Levels to Take Note Of
On the support side, the Pepe price finds strong backing at $0.00000654, with additional significant levels at $0.00000552 and $0.00000395. These support levels could act as potential focal points for traders considering long positions on price dips. Conversely, in the event of a trend reversal, these levels might offer short position opportunities, with traders advised to closely monitor the technical indicators for signs of a shift in momentum.
when you tell your friends about your magical cryptographic internet frog tokens and all you get back is the fluoride stare $PEPE pic.twitter.com/hhoVKyeEUD — Pepe (@pepecoineth) March 6, 2024
In summary, the technical analysis of the Pepe price on the 4-hour chart suggests a bullish outlook, with several indicators pointing towards the likelihood of continued upward movement. Traders might look at entry points near support levels for long trades, while staying alert for any trend reversals that could open up short position opportunities.
Disclaimer: The information in this article is for informational and educational purposes only and does not constitute financial advice or any advice of any kind. Ecoinomist is not responsible for any losses incurred as a result of using the content, products, or services mentioned. Readers are advised to exercise caution and conduct their own research before engaging in any action related to the company.
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