The meme coin community is feeling hopeful after Pepe recently posted one of its biggest price movements in recent months. The token is up more than 13% over the past day and is currently trading at 0.00000906 USDT. It has also made a clean breakout above the 50-day Exponential Moving Average (EMA), a crucial technical level that suggests a possible trend reversal. It is a major breakout.
PEPE had been in a downward trend for weeks, held back by resistance from significant moving averages. However, a clear 50 EMA breakout and today’s robust bullish candle indicate that bears might be losing ground. Crucially, PEPE may be approaching the psychological milestone of $0.0000100, which could increase buying pressure, and this price movement may be the first step toward removing a zero from its price.
Although it is not yet in overbought territory, the RSI’s technical jump to 61 indicates increasing momentum. This creates space for further short-term benefits. The volume has been continuously dropping since early March, though, which could be a sign that this rally is not getting the wider market participation it needs for a long-term run.
Godfrey BenjaminBullish case: PEPE may move toward the next resistance, which is close to $0.00001094, and ultimately test the $0.00001180 a zone that served as solid support prior to the February breakdown if it keeps its position above the 50 EMA and builds on this momentum. A daily close above these levels could signal the start of a long-term uptrend and validate a more general reversal.
Godfrey BenjaminBearish case: If price retraces below the 50 EMA and momentum wanes, it may be interpreted as a fakeout, trapping late buyers and possibly pushing PEPE back toward the support zone between $0.00000770 and $0.00000820. The trend is currently in favor of the bulls, but volume and follow-through will be crucial in assessing whether PEPE’s breakout has any lasting potential.
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