With $SHIB and $DOGE Leading, Is $PEPE Set to Join the Rally?

• $PEPE is growing its influence in the bullish cryptocurrency market together with the memecoins such as $SHIB and $DOGE.
• A closer look at trends in the market as well as technical analysis could be a clear indication of further upside in the $PEPE.
• As it stands, $PEPE is promising as the memecoins are relatively risky, hence investors must be careful.

The recently launched memecoin $PEPE is set to soar  higher on the charts as the market regains its interest and the overall crypto market turns bullish. Currently $PEPE is strengthening, traders are expecting that this pace may again add a zero, or even remove it, and raise the rate. This move comes at a time when other large memecoins, including $SHIB and $DOGE, are also charting the course, which sets a precedent throughout the market.

The highly positive outlook that bitcoin has provided for these tokens guarantees their ongoing support. Earlier, altcoins were increasing their rates multiple times higher in small time periods. This means that with the $PEPE, which has recorded much growth in its price, investors have their profits increase by 11 times in this memecoin market showing so much volatility.

Technical Indicators Suggest Growing Strength

Analyzing the technical outlook of $PEPE, it is recurring above critical support levels and has a positive trajectory that could translate to further hike in price. Currently, the coin is trading at $0.057771 with the support level at $0.057443 and its resistance level at $0.058053. With the rising buying pressure, there is a possibility of overcoming the resistance to form higher highs. 

Relative strength index (RSI) is trading at 57  indicating a neutral point and a possibility of an overbought position. The Moving Average Convergence is trading above the signal line indicating a positive sign.If these patterns continue, traders could observe a fresh round of price increases in the following days.

Source: Trading View

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Despite the positive projections of $PEPE, we should appreciate that memecoin in general tends to be rather unpredictable. Further significant successes, as evidenced by the fluctuations that have characterized $PEPE in the past, may however be followed by significant losses. Thus, one should apply great caution since fluctuations in prices can happen at any given time by traders.