Pepe Coin (PEPE), the second-largest meme coin on the Ethereum blockchain, is drawing renewed attention from traders and analysts. Currently trading at $0.00000777, the PEPE price has seen a 10% gain over the past month, although it remains down 61% year-to-date.
Despite short-term volatility, the PEPE coin is flashing bullish signals, suggesting a potential brewing breakout.
Pepe Coin Flashes Bullish Signals as Key Technical Levels Hold
According to BitcoinSensus, PEPE is showing bullish trends on the daily chart after successfully retesting the daily Ichimoku Cloud. The Ichimoku Cloud, a well-regarded technical indicator, has transitioned from providing resistance to offering support, indicating that PEPE may be preparing for another upward move.
Their chart shows Pepe ($PEPE) holding above the cloud with a projected move that could push the price back toward the $0.000015 region in the medium term.
Moreover, one of the key observations from the charts is that the PEPE token has recently been testing a crucial support zone at approximately $0.0000075 to $0.0000077. The Ichimoku Cloud’s change from red to green suggests strengthening momentum, and traders are monitoring whether the coin can remain above this area to establish a foundation for upward movement.
Bitcoinsensus’ chart also illustrates a break above a descending trendline, indicating that the coin may have ended its recent downtrend in March when PEPE Coin traded as high as $0.000022. The cloud’s retest coincides with the price stabilizing after a long decline, raising hopes for a reversal if buyers maintain control.
$PEPE Technical Analysis: Mixed Short-Term Signals
Despite the optimism on the daily chart, Pepe’s weekly technical indicators tell a more cautious story. The TradingView technicals dashboard shows that PEPE Coin is still rated as a “Sell” on the weekly timeframe, with 10 sell signals, 10 neutral, and only 4 buy signals.
Key moving averages like the Exponential Moving Average (50) at $0.00001024 and the Simple Moving Average (30) at $0.00001036 are still acting as resistance, both signaling “Sell.”
However, some glimmers of positivity remain. The Stochastic %K (14, 3, 3) is hovering at 32.97 (neutral), while the Commodity Channel Index (20) stands at -49.34, also neutral, hinting that PEPE may be oversold in the near term. The Awesome Oscillator and Momentum indicators are largely stable, indicating PEPE is in a key consolidation zone.
Interestingly, on the daily chart, the Exponential Moving Average (10) at $0.00000823 is now being tested as resistance, close to the current price of $0.00000777. Breaking above this level could trigger a short-term push toward $0.0000095 and potentially higher.
In addition, as BanklessTimes noted earlier, a rally in the Ethereum price could trigger PEPE’s next significant movement. This correlation with ETH is crucial because PEPE’s price action has often mirrored broader altcoin market trends.
Should ETH gain momentum in the coming days, there’s a high probability that PEPE will ride the wave, potentially retesting its 2025 highs near $0.000022.
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