PEPE Price Attempts to Push Past Resistance

The value of the frog-themed meme coin Pepe (PEPE) has skyrocketed over 10% in the past 24 hours. As of this writing, a PEPE token is worth $0.0000092.

The double-digit rise in the meme coins value has propelled its price toward the resistance line of its established descending channel, raising questions about whether it can finally break free.

Pepe Bulls Try To Break Free

Due to the general decline in the cryptocurrency market in the last month, PEPE has been on a downtrend. At its current price, the meme coins value has declined by 25% in the past month.

This price downtrend has led to the formation of a descending channel within which PEPE has trended since June 25.

A descending channel is a bearish signal. This channel is formed when an assets price consistently moves lower, creating a series of lower highs and lower lows.

The upper line of the channel acts as resistance, currently at $0.000013 for PEPE. Conversely, the lower line serves as support, set at $0.0000074 for the meme coin.

Readings from PEPE‘s price movements on a daily chart confirm that it is poised to breach this channel’s upper line.

Read More: Pepe: A Comprehensive Guide to What It Is and How It Works

Pepe Analysis.

When an assets price rallies and nears the upper trendline of the descending channel, it signifies a potential breakout. This means the price attempts to break out of the downtrend and reverse the decline.

This has occurred as PEPEs price rally over the past 24 hours has been backed by substantial demand for the meme coin, based on the readings from its Price-Daily Active Address (DAA) Divergence.

This metric compares an assets price movements with the changes in its number of daily active addresses. Investors use it to track whether the price movements are supported by corresponding network activity.

Pepe Price DAA Divergence.

As of this writing, the metrics value is above the zero line at 24%. A positive DAA divergence suggests that more unique addresses interact with the asset. It is a bullish signal that indicates growing user engagement and network activity.

PEPE Price Prediction: Demand Continues to Trickle in

The growth in PEPEs demand can also be gleaned from its rising Relative Strength Index (RSI) indicator. Although still below the 50-neutral level, the RSI uptrend confirms that the bulls are attempting a comeback.

As of this writing, PEPE‘s RSI is 41.67. This indicator measures an asset’s overbought or oversold market conditions. When it trends toward the center line, it signals a spike in buying activity.

Additionally, if this trend continues, PEPE might maintain its current uptrend and soar to $0.0000096.

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

Pepe Analysis.

However, if buying activity begins to wane, the meme coins price will fall back within the descending channel and may decline toward support.