PEPE, a popular memecoin on Ethereum, is drawing attention with its recent price action.

A detailed technical analysis shared by the analyst reveals PEPE is in a consolidation phase, potentially setting the stage for a breakout.

A detailed technical analysis of PEPE, a popular memecoin on Ethereum, shared by the analyst in a post on Monday, reveals that the memecoin is in a consolidation phase.

The analysis, shared with the crypto community on X, offers insights into PEPE’s recent price action and what traders can expect in the coming days.

The latest data from CoinMarketCap shows that PEPE is currently trading at $0.000007302, with a 24-hour trading volume of $304,213,992. The memecoin saw a 1.12% price increase in the last 24 hours, showcasing short-term bullish momentum.

However, over the past seven days, PEPE is slightly down by 0.80%. This mixed performance highlights PEPE’s volatility, often driven by community sentiment rather than fundamentals.

The analysis shared by the analyst focuses on a 15-minute chart of PEPE/USDT, showcasing the memecoin’s consolidation above the 200 EMA, a key technical indicator, and between the price levels of 0.00720 and 0.00728.

The price is forming higher lows, a subtle sign of bullish pressure, but it lacks a clear trend, reflecting market indecision. This is further supported by the declining volume, as low trading activity often precedes a breakout in crypto markets.

The chart also reveals that there are no major reversal patterns, like head and shoulders, indicating persistent sideways movement.

The analysis identifies two critical support levels at 0.00720 and 0.00716, where buyers have historically stepped in, and two resistance levels at 0.00732 and 0.00740, which have capped the upward moves.

The price, currently hovering near the 0.00728 pivot, is at a crucial juncture. For scalpers, the post suggests a range-trading strategy: go long above 0.00732 for a potential squeeze higher, or short below 0.00720 if support breaks.

This aligns with classic range-trading tactics in low-momentum markets, offering opportunities for quick gains.

Momentum indicators, such as MACD and RSI, are flat, showing no strong directional bias or divergences. This neutrality indicates that the meme coin isn’t overbought or oversold, suggesting it may need a catalyst to break its current range.

The absence of bullish or bearish divergences underscores the market’s indecision, leaving traders on edge for the next move.

PEPE’s current consolidation could lead to a breakout if momentum picks up. A close above 0.00732 might trigger a short squeeze, while a break below 0.00720 could see prices flush to 0.00716 or lower.