The present price of PEPE is $0.00001260, and the 24-hour volume is $1.86 billion on crypto exchanges. Its market cap is valued at $5.3 billion, meaning that it is still very much in demand on the list of meme coins.
The token gained 2.8 percent in the last 24 hours and 25.69 percent in the last week. The sharp and instant correction is what the traders and investors are looking for, as much as the next directional price change is concerned.
The 7-day price chart shows PEPE started rising after moving sideways for a few days without much price change. The price was stable for a few days before spiking from around $0.00000102 to nearly $0.00000124.
The rising momentum was supported by higher trading volume, i.e., buying orders were larger in number compared to selling orders. After reaching a new high, PEPE started a consolidation phase around $0.00000120.
During this time, the price saw occasional dips and bumps but held higher than the support line without breaking down. The price then attempted another bid to shoot much higher and touched momentarily above $0.00000130 but was pressured down by sellers in the area.
PEPE targets set after neckline break
The long wick in the most recent candle shows selling pressure in the area, which is causing some price rejection. However, the chart is showing an overall bullish structure, and no steep price declines are seen.
Crypto analyst Jonathan Carter shared his PEPE analysis on an 8-hour price chart. He pointed out a rounding bottom formation on the chart, which is in the shape of a U.
Such a structure usually is an indication that the price is set to transition from down to up. The left shows the downslide, the bottom shows stability, and the right shows steady growth.
The price is set just below an important line, the neckline. If it breaks above the line, it could complete the pattern. Carter is positive that in case such a breakout happens on rising volume, PEPE could visit targets of $0.000014, $0.000015, and even $0.000016. Traders are expecting hints of a move, as PEPE could extend higher in the coming days.
