Can PEPE Hold This Support as $0.00001924 Target Awaits?

PEPE is testing key support, with an analyst targeting a 10-month high as bullish momentum continues to build

Notably, Pepe (PEPE) has seen an impressive 4.1% increase over the past seven days, currently trading at $0.00000587. The chart shows price fluctuations within this timeframe, with the price rising sharply before a brief dip and then recovering

Despite this, the recent 24-hour trading volume of $303.89 million indicates active trading and liquidity, up 12.7% during this press.

Given the volatility in its price movements, PEPE can appeal to those looking for speculative trades within the meme coin sector. Will it reward the bulls or bears?

In terms of momentum, the Moving Average Convergence Divergence (MACD) indicator shows a positive value, with the MACD line (blue) above the signal line (orange), proving that the bearish momentum is waning.

Additionally, the MACD histogram is predominantly in the green zone, indicating ongoing buying pressure.

If the price manages to hold the 0.236 level and the MACD shows signs of bullish momentum, the next target would be the 0.618 Fibonacci retracement at $0.0000065975, with further resistance potentially at $0.0000069713.

Analyst Shares Their View

His sentiment is based on the belief that the price is holding a key support zone, as indicated by the chart he shared. He expects the price to potentially reverse and see an upward move

The dashed line on the chart suggests Ray’s target for a possible rally, with the price aiming to reach a higher level around $0.00001924 in the future. To reach $0.00001924, PEPE might need to surge by approximately 227.77% from the current price of $0.00000587. Ray additionally mentions that he is long on the meme coin.