PEPE Coin’s Consolidation Continues: Signal For A Bullish Move?

• PEPE has been consolidating its gains above $0.00001600 since December 20th.
• PEPE coin ranks second among memecoins in terms of social sentiment.

PEPE coin is stuck in a price consolidation phase and is resting near the 100 day EMA mark. The change in market sentiment resulted in PEPE crypto losing over 15% of its gains in a week.

At press time, PEPE coin price was trading at $0.00001756, noting a minor decline of over 1.20% in the past 24 hours. Its market cap is down to $7.38 Billion which secured it the 24th rank in the overall crypto market.

Can PEPE Crypto Achieve an 8x Surge? Here’s the Analysis

A recent tweet by Crypto ELITES highlighted that PEPE crypto was trading inside a rising parallel channel on the hourly time frame.

Additionally, the altcoin formed a rounding bottom pattern and could see a massive 8x surge in the short term.

However, PEPE price took support on the 100-day EMA mark and was moving sideways over the last three days. An intraday close above the $0.00002000 could pave the way toward $0.00002560 and $0.00002800 in the short term.

High Social Sentiment Keeps PEPE Coin in the Spotlight

Among the memecoins, PEPE coin is among those in the social media spot light with 21,300 posts, 3.6M interactions and 2.20% social dominance. It ranks second in this metric.

DOGE led the chart with 28.5k posts, 6.94M interactions, and 2.90% dominance, highlighting its dominance.

UFD next with 17,100 posts and 2.55M interactions to claim 1.75% dominance. FART Coin had a dominance ratio equal to PEPE or, more precisely 1.20%. Thus, it had decent engagement with 12.4k posts and 6.44M interactions.

PENGU and MLG both had 12.2k posts, and the interaction was 4.22 M, securing 1.20% and 0.70% dominance respectively.

SHIB attracted 11.1K posts, 1.55M interactions, and a 1.15% dominance rate. BONK and PNUT showed similar interactions, with 7.01K posts and 6.79K posts, achieving 0.70% and 0.65% dominance respectively.

GIGA was the tailender with 6.45K posts and 6.35M interactions but held a modest 0.65% dominance rate. DOGE and PEPE remained pivotal players due to their vast interactions.

PEPE Price Prediction: Is a Range Breakout Imminent?

PEPE’s historic price action revealed a tendency for the memecoin to register volatile price swings. However, in recent times, amidst lack of volume activity, PEPE has followed the sideways price action in the market.

This was echoed by the RSI hovering at 42, conveying neutral readings. Similarly, the On-Balance Volume (OBV) showcased negative readings, implying a lack of significant volume inflows amidst the flat price structure.

The Chaikin Money Flow (CMF) indicator showcased a lack of liquidity surge, as reading stood at -0.05.

Bulls need to break above the 61.8% Fib hurdle of $0.00002500 with further gains lying at $0.00003000 for a change of trend. Meanwhile, bears have to push the memecoin below the 100 day EMA mark to extend the retracement phase.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.