Key Takeaways
- PEPE memecoin stages a strong bullish reversal with a potential bullish golden cross.
- PEPE coin could see a price rally to a new all-time high following recent price action, as the price shows bullish dominance.
- PEPE experiences strong bullish price action following rumors that Donald Trump is endorsing the frog-themed memecoin.
PEPE coin is making headlines in the media following recent news on social media, which suggests that Donald Trump endorsed PEPE, sending its community into excitement over a Truth Social post tweeted by the President himself.
This news has resulted in the price of PEPE experiencing a 6.5% jump, reaching a high of $0.0000144, as the price continues to battle within a range, attempting to break to the upside over the past few days, following a similar price action to Bitcoin.
Bitcoin’s (BTC) price has struggled in the last few weeks following its strong all-time high breakout, as the price has failed to live up to the hype of a potential rally towards $120,000. The price has faced rejection at $106,000 but rallied to a high of $109,000.
The recent market range has affected the overall bullish price action for altcoins, as PEPE has shown reduced momentum to daily highs compared to the previous week’s volume rally. Will recent hype from a post by Donald Trump help PEPE to a new high?
Donald Trump’s Post Sparks Mixed Reactions
Donald Trump’s post on Truth Social has attracted investors and traders who noticed the image of PEPE in the background, generating significant buzz in the crypto space as many traders and analysts speculate whether Donald Trump is endorsing PEPE ahead of its TRUMP coin token.
While this news would have little effect on the price action of the PEPE coin, there was a slight price change to the upside. However, this change is little compared to previous weeks’ price action by PEPE coins after Matt Furie’s frog-themed memecoin rallied by over 60% in the last few weeks as speculation of price reclaiming its all-time highs continued to intensify.
On-chain data from Coinglass recently showed strong bullish price action for PEPE as whale activities have been on the rise in recent times, coupled with an increase in volume, which has helped PEPE’s price to see a strong breakout to the upside on the higher timeframe as the price gears for more upside price rally.
Source – PEPE Price Chart From TradingView
Technical analysis for PEPE indicates that the price appears strong, as it trades above the 50-day and 200-day EMAs, suggesting a strong bullish price action. These zones are acting as support for the price.
If the price of PEPE suffered a retracement, we could see the price retest a region of $0.00001200; however, the price remains bullish following a potential golden cross, which could fuel the price to new highs.
