- The trader and analyst KALEO predicted in a tweet today that PEPE is on the verge of a bullish breakout.
- At press time, PEPE was trading at $0.000001325 following a 5.75% gain.
- Technicals suggested that PEPE may rise to $0.0000016790 in the coming 2 weeks.
The cryptocurrency trader and analyst KALEO predicted in a tweet today that Pepe (PEPE) was on the verge of a bullish breakout. According to the analyst, “PEPE looks ready to finally initiate full send.”
$PEPE looks ready to finally initiate full send.Long it with me here ➡️ https://t.co/32dHnZIFxS pic.twitter.com/vwIv5MB4eQ— K A L E O (@CryptoKaleo) August 12, 2023
This forecasted bullish move seems to have started already, as PEPE was up 5.75% at press time according to CoinMarketCap. Subsequently, the meme coin was trading hands at $0.000001325. The altcoin’s price had retraced slightly from its 24-hour high of $0.000001328. Nevertheless, it was still trading closer to this high than its daily low of $0.000001225.
The recent positive price performance added to PEPE’s weekly performance which was in the green zone at press time. As a result, PEPE was up 16.87% over the past 7 days. The 24-hour gain also resulted in PEPE making it onto CoinMarketCap’s trending list – occupying the number 2 position at press time. This placed it behind Shiba Inu (SHIB) and ahead of Ripple (XRP).
Although the meme coin was able to achieve a 24-hour price gain, it was unable to record an uptick in its trading volume during this period. Consequently, the total trading volume for PEPE stood at $70,049,191.
Daily chart for PEPE/USDT (Source: TradingView)
From a technical standpoint, PEPE had broken above the 9-day and 20-day EMA lines over the past 48 hours, where it continued to trade at press time. Should this bullish momentum continue, the meme coin’s price may look to challenge the key resistance level at $0.0000013586 in the next 24-48 hours.
A daily close above this level will not only see PEPE break above the 50-day EMA line, but will also clear a path for the altcoin’s price to climb to the next major resistance level at $0.0000016790 in the following 2 weeks. However, if PEPE is rejected by the $0.0000013586 resistance, then it may be at risk of retesting the crucial support level at $0.0000009930.
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