PEPE Makes a Higher High After a Month, Is It a Trend Reversal?

Bits Logics Team . 25th Sep 2023
  • PEPE starts the week slowly but gains value abruptly halfway through the week. 
  • PEPE finds it difficult to dust off the ashes from its big crash in late August 2023. 
  • Bears and bulls fight tooth and nail as PEPE moves lethargically at $0.00000070.

PEPE is one of the coins that started off slowly by consolidating during the beginning of the past seven days. Towards the second half of the week, on the fourth day particularly, PEPE spiked and reached its weekly maximum of $0.0000007318. Thereafter, PEPE started to fall making lower highs until the middle of the sixth day. However, the trend changed was making higher highs today until it crashed to $0.000000682. 

PEPE is currently trading at $0.0000006869 after it experienced a surge of 8.15% within the last seven days. Furthermore,  its market cap rose by 21% to $61,834,140 within the past 24 hours while its market cap rose by 0.67% to $269,392,318. 

PEPE/USDT 1-Week Chart (Source: CoinMarketCap)

When looking at the chart below, it could be noted that PEPE was moving in a downward direction since it took a nose dive back in late August 2023. Moreover, we could note a sequence of movements that PEPE followed. In particular, the downward trajectory was followed by a period of consolidation but the bears were too strong and did not let PEPE gain value. 

PEPE/USDT 4-hour Chart (Source: Tradingview

However, after reaching the support level at $0.00000061, PEPE seems to be now increasing in value. It is now placed in the upper half of the Bollinger band and currently it seems to be testing it. If PEPE continues this upward titled motion, then, there is a high possibility that PEPE could reach $0.00000091. Since it is currently being supported by the Fib 0.25 level, PEPE could give into the building selling pressure. In the event that PEPE cannot hold on and has to look for support, then, its only source to rely upon would be the 0.00000061 support level. 

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by Bits Logics are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.