As of July 4th, the PEPE market is flashing green across the chart. This frog-themed meme coin momentum has triggered the bulls to take control, with a steady and solid 10.49% rise in value. This can be inferred as a break from the prolonged bearish wave within the market.
In the early hours, the asset traded at a bottom of $0.000002468, and gradually, the bulls regained the lost ground, sending the price to a high of $0.000002854. A few resistance levels are tested and broken to trade at this level. At press time, PEPE traded within the $0.000002732 mark. Its daily trading volume has skyrocketed by over 87.62% to $322.62 million.
The 4-hour trading chart of PEPE exhibits the current bullish encounter, with the price climbing to the immediate resistance level at around $0.000002803. If the pressure on the upside continued to strengthen, the bulls would initiate the emergence of the golden cross, pushing the price toward $0.0000029 or even higher.
On the contrary, assuming the ongoing momentum takes a bearish turn, the recent gains would end up in a loss. And the PEPE price would instantly fall and test its key support at $0.000002637. With the downside correction intensifying, the death cross would unfold, likely triggering the price to retrace below $0.0000025.
When the Moving Average Convergence Divergence (MACD) line is positioned above the signal line, and both are above the zero line, it reflects that the bullish momentum remains firmly in place. It shows the strengthening of the buying pressure.
This setup favours continued upside for PEPE, provided buyers maintain control and momentum does not weaken.
Moreover, the daily Relative Strength Index (RSI) value resting at 70.08 exhibits that the asset has entered the overbought zone. This shows strong buying momentum, with buyers firmly in control of the recent price action. However, as it moves above 70, the likelihood of a short-term consolidation increases as some traders may begin taking profits.
Despite this, PEPE’s broader uptrend can remain intact if the buying pressure continues to outweigh selling.
Based on these signals, the price action will remain positive in the near term. A strong buying momentum can support further upside. If buyers continue to step in, the uptrend can extend, but a brief pullback is also possible as traders lock in profits.
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