PEPE Breaks Key Resistance Level, Can the Bull Market Continue? Market Performance
The third-largest meme coin PEPE has recently seen a strong breakout! On March 26, against the backdrop of an overall recovery in the crypto market, PEPE surged 11% in a single day, successfully breaking the downward trendline resistance level that has been in place since early February. As of the time of writing, PEPE is quoted at $0.0000087, with a 24-hour increase of over 11%, demonstrating strong upward momentum.
Technical Analysis
Key data indicators show:
RSI indicator reaches 59, in a healthy bullish range
Key support level at $0.0000080 has become a watershed for bulls and bears
If it can hold above this support level, there may still be a 25% upside potential
On-chain Data Insights
It is noteworthy that the number of mid-to-large holders holding 100,000 to 10 million PEPE has significantly increased, indicating:
Increased confidence among long-term investors
Market holding structure is becoming healthier
Increased concentration of chips is beneficial for price stability
Market Sentiment
Santiment data shows:
Social media sentiment index has risen from -0.77 to +0.387
Market discussion heat continues to rise
However, trading volume has decreased by 10%, caution is needed for divergence risks between volume and price
Investment Advice
Although both technical and on-chain data support a bullish outlook, investors should pay attention to:
Monitoring the effectiveness of the $0.0000080 support level
Closely tracking changes in trading volume
Beware of the risk of a pullback after market sentiment becomes overheated
Currently, PEPE has shown a strong breakout trend, but whether it can continue to strengthen still needs to observe the movements of major funds and the overall market environment. Investors are advised to remain rational and manage risk effectively at key positions.
