PEPE Surges 10% on Golden Cross Pattern

PEPE, the popular frog-themed memecoin, experienced a significant surge, climbing 10% within a 24-hour period to reach a high of $0.00001049. This rally was driven by a golden cross technical pattern, which is widely regarded as a bullish indicator suggesting sustained upward momentum. The golden cross occurs when the short-term moving average crosses above the long-term moving average, signaling that recent buying pressure may continue into a longer-term rally.

The price of PEPE rose from $0.00000949 to $0.00001049, peaking at $0.00001077 during early trading before slightly retracing. This price movement was accompanied by a notable spike in trading volume, with 13.7 trillion tokens traded in a single hour as the price began to rise, and 7.7 trillion tokens traded later on, highlighting the intensity of the rally.

PEPE's performance has outpaced the broader cryptocurrency market. The CoinDesk 20 index, which tracks the performance of the top 20 cryptocurrencies, rose by 5.92% during the same period. Additionally, the wider memecoin sector, as measured by the CoinDesk Memecoin Index, saw an 11.4% increase in the last 24 hours, indicating a broader bullish sentiment within the memecoin market.

Despite a slight pullback from its peak, PEPE has established a strong support level near $0.0000101. According to technical analysis data models, Fibonacci extension levels suggest that the price could potentially push toward $0.0000110 if the rally continues to hold. This technical analysis provides a bullish outlook for PEPE, indicating that the memecoin may continue to experience gains in the near future.