PEPE posted gains of 13.9% over the past 24 hours to send out strong signals of an imminent bullish reversal.
PEPE finds solid support structure at $0.00000084 levelPEPE’s huge decline since 13 May has seen the memecoin lose over 55% of its value. This flipped its market structure to bearish, as sellers took advantage of shorting opportunities at the break of support levels at $0.00000162 and $0.00000115.
The trendline highlighted the several lows PEPE has made over the past month. However, recent price activity hinted at an imminent recovery. The key support level at $0.00000084 stood firm to halt the bearish downswing. This led to a 13.9% rebound in the last 24 hours. This highlighted the significant buying pressure available at this level with the $0.00000084 support holding strong for the second time after an initial test on 12 June.
A bullish rally will see PEPE need to break and close above the trendline around the $0.00000100 price zone with further targets being to flip the $0.00000115 resistance to support. A recenthighlighted the $0.00000115 price zone as a key level, due to its correlation with the 23.6 Fibonacci level. Meanwhile, the Relative Strength Indicator and On Balance Volume flashed positive bullish signals on the four-hour timeframe. The RSI rose above the neutral 50 and stood at 54, as of press time. The OBV also experienced a slight uptick in volume to hint at backing for the bullish rally.
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