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The Pepe price surged 5% in the last 24 hours to trade at $0.000008187 as of 00:42 a.m. EST on trading volume that plunged 50% to $1.6 billion.
This comes as the crypto market recovers from a market crash on Monday that saw BTC drop below $50,000. With BTC rebounding to $57,000, the market seems to be recovering as investors buy the dip, with PEPE now on a sustained bullish trend reversal.
Pepe Price Aims To Continue With The Bullish Reversal
The Pepe price soared from mid-July to the end of July, soaring to the $0.00001288 resistance level, according to data from GeckoTerminal . The bears took control of the price at this level, as the price of Pepe dropped, forming a rounding bottom pattern.
PEPE then breached the neckline at $0.000008534 to drop to the $0.000006024 support level. The bulls then took over, as the price of Pepe has been on a sustained bullish trend reversal, with the price now trading within the neckline.
The Relative Strength Index (RSI) is rebounding from the 30-oversold region. It is currently trading at 49 and still soaring on the 4-hour chart. With the RSI soaring, it shows that buyers have the upper hand.
Moreover, the Moving Average Convergence Divergence (MACD) also shows that the token is currently on a bullish trend, as the MACD lines rebound from below the neutral line. The blue MACD line also crosses above the orange signal line, an indication of a bullish crossover.
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