PEPE memecoin’s short-term price direction will depend on multiple factors.PEPE-1-1200x675.webp

PEPE’s derivative data hinted at hike in traders’ optimism, but a break above $0.00000780 is necessary for a significant price rally

While short-term technical indicators flashed ‘buy’, PEPE’s long-term bullish momentum remains questionable

Popular memecoin PEPE may be poised for a bullish rally on the back of renewed trader optimism in the speculative memecoin market. With multiple Break of Structure (BOS) and Change of Character (CHoCH) confirmations, PEPE is now eyeing a break above a key resistance level.

In fact, the memecoin’s price surged by 5.02%, with its trading volume gaining by 39.88% in the last 24 hours too. Hence, the question – Is PEPE ready for a bull rally?