Analysis: PEPE appears to be gearing up for further upside move
Pepe has been on a roll this year and is probably not done yet. The memecoin seems to be preparing for another big rise. Let’s go through the charts.
How is PEPE doing?
To get a good idea of PEPE, we start this analysis with the daily chart. Here, each candle represents 24 hours, so we can clearly see the most important price level of this coin. The trend of PEPE is also indicated here with blue arcs.
As you can see, the coin has had a hugely successful year, rising over 1000% (and there’s not a single zero too many). The memecoin has had one of the biggest gains in the entire crypto market in 2024. And if that’s not enough, there seems to be more to come.
This has to do with the uptrend the coin is in, combined with a successful test of the red zone (after the coin has broken through it). As long as an uptrend does not break, and the coin manages to move above crucial price levels, we can usually expect positive price development.
The coin is still making higher highs on the daily chart, but now needs to make a higher low. Here the red zone spot seems to pay off perfectly. Not only on the daily, but also on other charts.
Price seems to want to slowly rise
For example, below we see the 4-hour chart, which is a bit more zoomed in than the first image in this analysis. This is good for seeing the price in more detail, and for spotting emerging upward trends.
As you can see, PEPE has also started making higher lows and higher highs on this timeframe. This combination of uptrends on different timeframes – and of course the test of the big red support (shown by the orange circle) – bodes well for the rest of the price movement.
As long as the coin can stay above its previous low and make a higher low on the daily chart from here, the coin can still pull some crazy stunts. So keep a close eye on this trend and this big price level.
