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PEPE flashes bullish signs, but will they be enough for a new price rally?
The past 24 hours have seen a significant surge in optimism surrounding the PEPE market. Data suggests that trader sentiment has shifted dramatically, and we’re now witnessing a strong bullish signal. The question on everyone’s mind, however, is whether this renewed enthusiasm will translate into an actionable price increase.
Let’s start by examining the recent data. According to BlockchainBaller on CoinMarketCap, multiple Break of Structure (BOS) and Change of Character (CHoCH) confirmations have been recorded. This anomaly could be indicative of a potential turnaround in PEPE’s short-term price direction.
Notably, PEPE’s derivative data reveals that open interest has increased by 8.47% within the last day. The weighted funding rate also turned positive over the past 48 hours, implying renewed trader optimism. It is possible that traders are positioning themselves for a potential price uptrend, particularly given the recent surge in trading volume (39.88%). This surge could be evidence of traders preparing for a rally as PEPE approaches its key resistance.
Furthermore, both the MACD and moving averages flashed ‘buy’ signals, indicating short-term bullish momentum. It is essential to note that this data suggests an imminent rise in buying pressure, but this development should not be taken as a guarantee of success without further analysis.
While short-term technical indicators are flashing green, it is crucial to remember that PEPE’s long-term outlook remains uncertain. Long-short ratios have been fluctuating drastically due to the highly speculative nature of the memecoin market. Consequently, its long-term bullish momentum is undetermined at this time.
As we analyze the current state of the market, it seems unlikely that a rally will be sustained without a clear break above the critical resistance level of $0.00000780. The recent price action near this zone has been intense, and any further upward movement could significantly impact future price directions.
Source: https://ambcrypto.com/pepe-flashes-bullish-signs-but-will-they-be-enough-for-a-new-price-rally
