Pepe Price Ready for Rise After Strong Technical Setup

The Pepe price is drawing the attention of analyst DaanCrypto, who sees a strong technical setup emerging. The memecoin is retracing above the level of the so-called ‘flush’ of 10 October and finding support on both the 4-hour 200MA and the 200EMA. If the price manages to break the local resistance, the analyst expects a further rise.

Pepe is available at OKX and Bybit.

Support on the 200MA and 200EMA as a key level

On the 4-hour chart, it is clear to see that Pepe, after an earlier decline, is returning above the October flush point, a level that many consider technically significant. The price is currently trading around $0.00000283 and finding support at the 4-hour 200 exponential moving average and 200 simple moving average. These are both commonly used indicators to determine trends and support levels.

DaanCrypto describes the pullback as a ‘10/10 flush wick’, a sharp downward move that was quickly recovered. Such wicks are often seen as a healthy sign in technical analysis, as they indicate that buyers are responding quickly to lower price levels. The triangle formation visible on the chart suggests a possible upside breakout.

Ethereum memes benefit from strength of ETH and BTC

An additional reason for optimism is the recent strength of both Ethereum and Bitcoin. DaanCrypto states that Ethereum memecoins, of which Pepe is the most well-known, historically show relative strength when ETH and BTC perform well. The logic behind it is simple: if investors have confidence in the large coins, they are more willing to take risks in smaller tokens that run on the same blockchain.

According to the analyst, Pepe must first break through the local resistance zone visible on the chart, roughly around the $0.00000285 to $0.00000290 level. If it does, room opens up towards higher levels. Those interested in buying Pepe would do well to keep an eye on the price action of both Pepe itself and the broader ETH market in the coming week.