Pepe (PEPE), the memecoin of the Ethereum Network, is bracing up for the pre-approval event of the spot ETH ETF and soared over 20% intraday.
Along with the spike, the PEPE price has crossed its primary hurdle of $0.00001080 and gave a falling channel breakout with increased volume activity.
Fueled by the investors’ interest, the memecoin rolled above its key moving averages. It is eyeing to retain the $0.00001300 mark shortly.
After a two-week retracement of over 30%, bulls managed to hold around the 200-day EMA mark and sharply reverted from there.
With the bullish tailwinds, PEPE was looking to stretch the breakout move at press time and seemed poised to outperform in upcoming sessions.
If the daily candle comfortably closed above $0.00001230, the uptrend would be confirmed, and more contraction might be seen ahead. Conversely, if it failed to sustain the $0.00001200, a rejection might lead memecoin toward the 50-day EMA mark to the $0.00001080 mark.
PEPE Price at Press Time
The PEPE was trading at $0.00001165 with an intraday surge of 19.06%, reflecting buying momentum on the chart. It has a monthly return ratio of -1.90% and 647.90% yearly, reflecting a long-term bullish outlook.
The pair of PEPE/BTC was at 0.000000000186 BTC, and the market cap was $4.91 Billion. Analysts were neutral and suggested that the PEPE price may stretch the bullish moves and could outperform in the next sessions.
Will PEPE Recapture the Bullish Track?
Following the price rise, the leading and lagging indicators gave a bullish view. Fueled by the surge in trading volume, a significant demand rise was noted. It conveyed the investors’ willingness to trigger a short-term reversal ahead.
Since 2024, the meme coin has been in a clear uptrend and showed a major upward rally. PEPE recently made its All-Time-High mark of $0.00001720, but sellers pushed from the highs, and a retracement was noted.
PEPE coin has surpassed the key hurdle of $0.00001100 and showed consecutive buying momentum, making a three-white soldier formation. It conveyed that the buyers have accumulated the coin from the bottom and are willing to lift ahead.
Weighted Sentiment Takes a Shift
Amidst the sharp upmove, the investors have reflected their optimistic outlook and began accumulating PEPE, clearly reflected by the sentiment curve. It shifted toward the positive region, which noted at 0.55.
Moreover, the RSI curve spiked to the overbought zone, highlighting a positive crossover. It conveyed that the upward movement might continue.
Also, the velocity data signifies the increased trading frequency in the PEPE coin, which reflected as a spike of over 6% intraday.
A post by Plasma on X highlighted that the PEPE coin has cleared its multiple hurdles and is set to fly higher.
Open Interest Data Revealed a Spike
A sharp surge in the future open interest data witnessed. The OI data surged over 21.80% to $140.80 Million. It reflected massive long additions in the last 24 hours.
When writing, the immediate support levels for the PEPE price were $0.00001180 and $0.00001070. The key upside hurdles are around $0.00001260 and $0.00001330.
PEPE Price Surged Above Key EMAs
The PEPE price climbed above the key EMA’s mark and guided the bullish momentum on the chart. Further bull rally could seen when the memecoin comfortably surpasses the $0.00001280 mark.
