- On Wednesday, the PEPE price increased by around 3% following bullish sentiment in the crypto market as Bitcoin (BTC) broke above $79,000.
- In one month, the memecoin soared by around 14%, increasing its value by around $0.000003926 with a market capitalization of around $1.62 billion.
- Despite the recent surge, the memecoin still needs major catalysts to break above a major resistance level.
On April 22, one of the leading memecoins, Pepe coin price, took a small jump due to bullish sentiment in the overall crypto market as Bitcoin (BTC) soared above $79,000.
At present, Pepe PEPE3.67% is trading at around $0.000003920 with a spike of 3% on a daily chart, according to CoinMarketCap. The cryptocurrency currently holds a market capitalization of around $1.62 billion with a daily trading volume of around $437.14 million.
According to the price chart on TradingView, the PEPE token is looking constructive above the green zone. While the overall price chart is in the neutral zone, the memecoin requires a clear flip above $0.0000410 to break the next resistance level.
If that level becomes a strong support for PEPE, the next price target could be toward $0.0000520 or $0.0000600. Further rally in the memecoin could help to move toward the next major resistance target at around $0.0000650.
Bitcoin Jumps Above $79,000 After Impressive ETF Inflows
On Wednesday, the Bitcoin (BTC) price once again rallied above $78,000, supported by United States President Donald Trump’s announcement to extend the ceasefire with Iran.
United States President Trump announced an indefinite extension of a ceasefire with Iran, saying it was mainly due to Pakistani officials seeking more time for peace negotiations in Islamabad. However, there is still fear looming over the financial world, as there is still uncertainty about whether Tehran will formally accept this extension request.
Spot Bitcoin exchange-traded funds (ETFs) have attracted more than $1.9 billion in inflows during recent weeks. BlackRock’s iShares Bitcoin Trust has led the way with hundreds of millions in weekly contributions. These inflows are showing confidence from large financial institutions and pension funds. The positive flows have sparked bullish sentiment in the crypto market. Alternative coins like Pepe are also benefiting from this upward momentum in Bitcoin.
However, there is still geopolitical tension in the Middle East. Despite the ceasefire, the United States has maintained a naval blockade on Iranian ports, while disruptions around the Strait of Hormuz continue.
Pepe Follows Classic Recovery Pattern, But Faces Consolidation
Pepe is following a classic recovery pattern after facing a long consolidation pattern. The price has surged above a short-term descending resistance trendline on the daily chart. It is now holding above the 50-day exponential moving average around $0.0000364.
This pattern suggests that buyers are regaining control after a period of lower highs. The token is still remaining below longer-term averages such as the 200-day exponential moving average.
According to the TradingView price chart, the 14-day relative strength index is sitting at around 62. This shows neutral momentum without entering into overbought territory. It means that there is still room for further rally in the memecoin if bullish momentum continues.
At the same time, moving averages are suggesting that the shorter 10-day exponential moving average is staying above the recent price momentum.
According to the current price chart, Pepe still needs a major rally to break out of its current tight range between $0.0000030 and $0.00000380. The filing for a spot Pepe ETF by Canary Capital has sparked discussion in the crypto community. However, after the initial buzz, the memecoin failed to sustain a rally over this development.
The current price chart is suggesting that there is a major resistance level at around $0.0000040. If the memecoin manages to soar above this level, it could open a door toward $0.00000500 in the short term.
At the same time, there is major support at around $0.00000360 if the memecoin follows a downward trajectory.
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