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PEPE Enjoyed Bull Run: Can It Make New ATH? Here’s an Outlook

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The popular memecoin Pepe (PEPE) was in the limelight in the crypto market and has significantly outperformed amidst the ups and downs in the past weeks.

The Pepe token (PEPE) was in a strong upward momentum and is eyeing the All-Time-High (ATH) mark to recapture soon.

The Pepe token traded in a bullish bias, sustaining gains above the key moving averages. A rounding bottom formation was also observed, and a breakout is on the verge, which might trigger soon.

At press time, the Pepe token (PEPE) price traded at $0.00000873 with an intraday gain of 3.10%, reflecting bullishness on the charts. It has a monthly return ratio of  22.30% and 522.38% yearly, implying a long-term bullish outlook.

The pair of PEPE/BTC is at 0.000008489 BTC, and the market cap is $3.67 Billion. Analysts are bullish and suggest that the PEPE price may break its high mark and reach the blue sky zone soon.

Price Action Signifies Outperformance: What’s Next for PEPE?

The PEPE token sails in the bullish trend and is delivering higher high and higher low sequences, giving evidence of an uptrend. With the bullish trend, buyers have enjoyed rallying the token price and eyeing to reach its ATH.

Source: TradingView

Amidst the relative underperformance in most altcoins, the PEPE token witnessed consistent bullish momentum and rallied over 80% last month. The intraday trading volume surged over 12.90% to $1.12 Billion.

The MVRV Ratio (Market Value To Realised Value) of the PEPE token stays in the midst; it still shows the token has not made a top, and much more space to go further.

The Momentum Indicator (Relative Strength Index) RSI curve stayed in the overbought zone and formed a positive divergence on the charts. Furthermore, the MACD indicator showed a bullish crossover and displayed green bars on the histogram.

Per the GIOM indicator, more than 82% of in-the-money holders are in profit, and only around 18% are looking to secure gains, which signifies a bullish trend.

Source: IntoTheBlock

Following the price surge, the buyers have persisted in adding fresh long positions and looked confident in stretching the rally. Conversely, sellers have stayed on the backfoot and looked trapped.

Futures Data Shows Long Buildup Activity

Source: coinglass

The immediate support levels for the Pepe token (PEPE) are $0.000008300 and $0.000008200, whereas the key upside hurdle is around $0.000008600, followed by $0.000008800

Conclusion

The Pepe token (PEPE) price persisted in exploding gains and trades on a bullish trajectory. Additionally, the token will soon register a breakout and might breach its ATH mark ahead.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

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