Pepe Memecoin Surges 3.94% Weekly, Bullish Momentum Builds

Pepe, a popular memecoin, has been experiencing significant gains over the past month. After a strong market dip, Pepe recovered from a local low of $0.0000052 to a local high of $0.0000075. At the time of writing, Pepe was trading at $0.0000073, marking a 3.94% increase on weekly charts, with the bullish outlook extending on monthly and daily charts. This recovery has positioned Pepe above its 200-day Simple Moving Average, indicating a strong upward momentum.

One of the key indicators of Pepe's bullish sentiment is the emergence of a golden cross on the 4-hour timeframe. This technical pattern occurs when the short-term Moving Average (MA) crosses above the long-term MA, signaling a potential breakout. At the time of analysis, the 9-day MA was at $0.0000072, while the 21-day MA was at $0.0000069. If this trend continues, Pepe could also see a golden cross appear on daily timeframes, further reinforcing the bullish outlook.

According to the analysis, Pepe is experiencing strong bullish sentiment as upward momentum builds. The memecoin is seeing more exchange outflows than inflows, with a negative netflow for two consecutive days. This reflects growing bullish sentiments in the market, as investors are accumulating Pepe. Additionally, Pepe’s Open Interest (OI) surged by 8.22% to hit $293.43 million, indicating that investors are opening new positions, mostly long. The Long/Short Ratio in the 4-hour timeframe shows that 53% of futures accounts are longs, suggesting that the majority of investors are bullish and expect prices to rise further.

The recent bullish crossover on the MACD indicates a strengthening upward momentum, suggesting a continuation of gains. If this trend persists and the demand zone holds, Pepe could see further price increases. A golden cross pattern forming on the 4-hour timeframe may signal a potential breakout, allowing the memecoin to reclaim $0.0000078. However, if sellers take profits, a pullback could cause the price to drop to $0.0000069.