Pepe, a memecoin, has been showing strong bullish momentum on the 4-hour timeframes, with a potential breakout to $0.0000078. Over the past week, Pepe has gained 3.94% in value, following a recovery from a local low of $0.0000052 to a local high of $0.0000075 within the past month. Currently trading at $0.0000073, Pepe is above its 200-day Simple Moving Average, indicating a positive trend in the market.
One notable development for Pepe is the emergence of a golden cross in its Moving Averages (MA), with the short-term MA positioned above the long-term MA. The 9-day MA stands at $0.0000072, while the 21-day MA is at $0.0000069. This golden cross on the 4-hour timeframe suggests a potential bullish signal, with the possibility of a golden cross appearing on daily charts as well.
Analysis of Pepe’s market sentiment reveals a growing bullish trend, with investors showing increased demand for the memecoin. The netflow of Pepe has remained negative for two consecutive days, indicating more exchange outflows than inflows, which signifies a positive sentiment among investors. Additionally, Open Interest (OI) for Pepe has surged by 8.22% to $293.43 million, suggesting that investors are opening new positions in the market, mostly long positions.
Looking at the Long/Short Ratio on the 4-hour timeframe, it is evident that there are more long positions compared to short positions, with 53% of futures accounts being longs. This dominance of long position holders in the market indicates a bullish outlook, with investors expecting further price increases for Pepe. The recent bullish crossover on the MACD further supports the notion of a strengthening upward momentum for the memecoin.
In terms of future price movements, Pepe is expected to continue its bullish trend, with a potential breakout to $0.0000078 if the demand zone holds. A pullback could occur if sellers take profits, causing the price to drop to $0.0000069. Overall, the technical indicators and market sentiment suggest a positive outlook for Pepe, with investors anticipating strong gains in the coming days.
