Pepe Token, a popular crypto token, and meme-based digital asset, has seen its value skyrocket in the wake of its listing on BitMex with 50x perpetual swaps. This move will enable traders to take advantage of the coin's volatility by using high leverage to speculate on price movements or hedge their positions. Moreover, it brings added attention to the token, increasing liquidity and potentially driving prices higher.
The PEPE/USDT pair has seen some significant movement in the past 24 hours, with a substantial uptrend still intact. After hitting an intraday high of $0.0000014, the pair has corrected to an intraday low of $0.000001226 where it is presently trading. This marks a 7.17% increase in the Pepe coin's value on the daily chart. The market outlook is still bullish with no signs of a reversal yet.
Technical Analysis of PEPE Token’s Price Movement
The PEPE token price has been on a strong uptrend as of late, having formed a bullish flag pattern in recent weeks. Bullish pressure has been further reflected by the MACD indicator, as it has generated a buy signal – namely the positive crossover of the fast-moving average above the slow one. This is indicative of more upside momentum to come in the near future.
The daily moving averages for the PEPE/USDT pair are in a strong bullish trend, with the 50-day moving average crossing above the 200-day MA. This indicates that there is a substantial amount of bullish momentum in the short term for this market. Furthermore, the Relative Strength Index (RSI) is at 65.90, indicating that the pair is in an overbought condition and could be ripe for a pullback.
Additionally, the Chaikin Money Flow (CMF) indicator is also trending higher, showing that there is more money flowing into this market than out of it. This suggests that PEPE/USDT has more upside potential in the near term.
Finally, the MACD is also displaying a bullish crossover, indicating that the pair is likely to head higher in the coming days. All these technical indicators suggest that PEPE/USDT has considerable upside potential in the short-term and traders should be looking for opportunities to capitalize on its bullish momentum.
The crypto-market has been rather active in recent days, with volatile swings for the altcoin. The Bollinger bands have widened significantly and have recently hit a Fibonacci resistance level of $0.0000014, which suggests that further upside is likely in the near future. Additionally, there has been an overall bullish trend observed within the last few weeks, pointing to potential for more gains in the near future. Traders and investors should keep a close watch on this altcoin and look out for possible breakouts or reversals that could indicate further growth.
Pepe Token has recently been listed on BitMex, a move that could potentially increase its market capitalization and attract savvy traders looking to capitalize on the high leverage offered by the platform. The token's technical indicators suggest a potential bullish trend in the near future, which could lead to increased prices. Moreover, the listing on BitMex has opened up new opportunities for traders to take advantage of leveraging and benefit from the gains in Pepe Token's price.
A decisive break below the significant Fibonacci support level of $0.000001226 could prove to be a major setback for the token's bullish outlook, potentially leading to further price corrections and losses in the near future. The importance of this support cannot be understated, as it acts as a bedrock for maintaining upward momentum and preventing a steep decline. Vigilance is key in watching the performance of this level.
Source: https://coinmarketcap.com/community/articles/6451a6464bebb711c962745a/
