PEPE Price Jumps 23% Today: Why It’s A Bull Trap

Pepe price spiked over the last 24 hours in line with the recovering markets, joining the ranks of the handful of crypto assets leading this rally. The recent Bitcoin crash shook the entire crypto market, leaving the frog-based meme coin down 51% in a week, causing significant losses for many investors. Despite the 24% jump over the past day, PEPE is still down 34% over the last seven days.
Pepe Price Struggles Uphill
The PEPE coin price chart shows a downward trend within a descending channel, indicated by the blue lines. The price has been moving lower, respecting this channel’s upper resistance and lower support.
Recently, the price tested the channel’s lower boundary and bounced upward, signaling a potential short-term reversal within the overall downtrend.
The recent bullish candle that formed after touching the channel’s lower boundary suggests increasing buying pressure. This could imply a potential short-term rally, especially if the next candles confirm this momentum.
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