Newton Gitonga
The cryptocurrency market remains poised to close October with significant gains, following Bitcoin’s latest move to multi-month highs of $73,554.
That triggered significant gains in the altcoin market. PEPE jumped from the weekly low of $0.000008546 to press time levels of $0.000009591.
While the meme token lost 4% of its value within the past seven days, PEPE’s daily chart indicates buyer resurgence, supporting another uptrend in the coming sessions.
Pepe has hovered beneath the 200-day Simple Moving Average on its 24-hour timeframe since mid-October. That suggests prolonged downtrends for the frog-themed digital coin.
Nevertheless, the latest leg-up tested the 200-day SMA resistance, confirming potential reversals. Bulls should flip the obstacle into support to shift the bias in their favor.
On-chain stats and technical indicators suggest a buying momentum resurgence as the selling pressure weakens.
The Chaikin Money Flow, which tracks money flowing in and out of an asset, increased from -0.18 to 0.11 in the past four days.
That signals investor trust in PEPE’s potential gains. Also, the Moving Average Convergence Divergence supports the bullish bias with green histogram bars.
Moreover, the Relative Strength Index climbed from 36 to 58 within the past day, indicating amplified buying interest.
The swift RSI uptick suggests a momentum shift from neutral to bullish.
Whale transactions skyrocket 290%
The meme token has also seen increased appetite from large-scale investors.
IntoTheBlock data shows PEPE whale transfers jumped from 1.96 trillion (worth $17 million) to 7.71 trillion ($70 million). That translated to a staggering 293% surge within a day.
Large-scale investors could accumulate PEPE as their exploded activity matches price gains and a soaring buying momentum.
Moreover, most PEPE investors are “In the Money” at current prices. The profitability could attract more investors, which would support solid uptrends for the altcoin.
Thus, bullish sentiments in the broad market will likely propel PEPE higher.
PEPE’s price action
The frog-themed coin trades at $0.000009591 as the bulls battle to erase last week’s losses.
Technical indicators and on-chain data support continued upswings for PEPE.
Enhanced investor optimism, as confirmed by the increased cash flow into the token and a massive jump in whale transfer position PEPE for significant price actions.
Maintaining the current trend could see PEPE flipping the nearest resistance at $0.0000097.
Switching the obstacle into support could trigger extended gains to $0.0000129 – a 34.50% jump from current prices.
Nevertheless, failure to capitalize on the improved sentiments would see sellers dominating.
PEPE could plunge toward the support barrier at $0.0000881 and open the path to $0.00000773.
Meanwhile, broad market performance will be crucial in determining PEPE’s trajectory in the up-and-coming sessions.
Analysts remain bullish about the market, forecasting imminent all-time highs for cryptocurrencies, with the upcoming US elections as the key catalyst.
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