Yesterday, PEPE - one of the most popular meme coins - saw a major price surge. After dropping from its all-time high, the token opened at $0.0000010000, before rising to $0.0000018791 and closing the day at $0.0000017379. The gains amounted to a massive 75.06% in just 24 hours.

These price movements were in line with the Moving Average Convergence Divergence (MACD) divergence that had started to develop on the hourly chart. This was a result of the bearish gap that had caused the price to approach the oversold region. However, the recovery meant the gap was soon filled, with the MACD indicator returning to a neutral level.

This activity was also concurrent with the 4-hour chart, in which a populated area provided psychological support for PEPE's price. After reaching the low of $0.0000009856, the market sentiment appeared to recover; reaffirming the possibility of bulls returning to the market.

The 4-hour MACD indicator also highlighted a developing bullish trend, with the crossover becoming increasingly more pronounced. Meanwhile, the MACD histogram gave some further reassurance by forming a bullish divergence, also indicating a possible uptick in momentum.

Moreover, PEPE bouncing off the $0.0000001000 price seemed to suggest the presence of preset buy orders. This is likely due to the conclusion of the sell-off from the token's listing on major exchanges. These trends could be indicative of the potential direction of PEPE's price.

It is important to bear in mind that the success of a meme coins is often very volatile and reliant on sentiment among the associated community. At the time of writing, PEPE's price is trading at $0.0000016152. Understanding the meme coin's reaction to certain events, as well as the prevailing market sentiment, will lead to stronger insight into the token's future movements.



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