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The Pepe price has pumped 21% in the last 24 hours to trade at $0.00002589 as of 9 p.m. EST on a 127% jump in trading volume to $8 billion.
The surge took the PEPE price to a new all-time high (ATH) and placed the token among the most trending cryptocurrencies on CoinGecko.
Pepe Price Rebounds On A Strong Support Level
The PEPE/USD price action on the daily timeframe highlights a bullish breakout followed by a strong rally. According to GeckoTermonal data, the price was trapped in a descending bearish channel earlier in the year with consistent lower highs and lower lows.
This downward trend ended near the $0.000001154 level, where the price found strong support. This zone acted as a critical reversal area, with buyers stepping in and initiating an upward momentum. Following the breakout from the bearish channel in late September or early October, the price surged, breaking past key resistance levels.
PEPE/USD is trading at approximately $0.000002589, showing a daily gain of +3.61%. The breakout has also established a new support level around $0.000002000, which acted as a consolidation base before the next leg up.
PEPEUSD Analysis Source: Dextools.io
The 50-day moving average (SMA) at $0.000001568 is pointing upwards, signaling strong short-term bullish momentum. The 200-day MA at $0.000001154 confirms a long-term uptrend as the price trades well above this level.
Momentum indicators further support this bullish stance. The MACD is firmly in positive territory, with the MACD line above the signal line and a growing histogram indicating strong buying pressure.
Meanwhile, the Relative Strength Index (RSI) is at 72.35, in the overbought region of 70. This could trigger a short-term pullback or consolidation for the Pepe price before the next upward move.
The technical outlook for PEPE/USD remains bullish, but caution is advised, given the overbought RSI. A retest of the $0.000002000 support level could provide a better entry point for further gains.
The next major resistance is at $0.000003000, a psychological barrier. Key support levels are at $0.000002000, aligned with the consolidation zone, and $0.000001568, near the 50-day SMA.
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