Pepe (PEPE) has been showing signs of potential growth, highlighted by a recent golden cross on its charts. Over the past month, following a notable market dip, the memecoin has rebounded from a local low of $0.0000052 to reach a local high of $0.0000075. Currently, Pepe is trading at approximately $0.0000073, which marks a 3.94% increase over the past week, and it remains above its 200-day Simple Moving Average.
The golden cross observed in the 4-hour timeframe suggests a bullish outlook for Pepe. This technical indicator occurs when the short-term moving average crosses above the long-term moving average. Presently, the 9-day moving average is positioned at $0.0000072, while the 21-day moving average sits at $0.0000069.
The emergence of this pattern indicates that Pepe’s price momentum could strengthen, potentially leading to a similar crossover on daily charts if the trend persists. Market analysis indicates that there is a growing bullish sentiment surrounding Pepe, as demand increases with investors looking to accumulate more of the memecoin. This is further supported by the netflow data, which shows more exchange outflows than inflows, pointing to increased withdrawals and bullish market sentiment.
Additionally, Pepe’s Open Interest (OI) has surged by 8.22%, reaching $293.43 million, signaling that investors are opening new long positions. With over half of futures accounts holding long positions, the majority of investors are anticipating further price increases. The recent bullish crossover on the MACD also reinforces the expectation of continued gains.
If the current demand zone holds, Pepe may aim to reach the target of $0.0000078. However, should sellers decide to take profits, a pullback could bring prices down to $0.0000069.