PEPE price leads the crypto market with a 20% rally in a day, invalidating potential downtrend

PEPE price has emerged as a leader of the crypto market, beating out all other major cryptocurrencies, including Bitcoin and Ethereum. As BTC breached the $37,000 mark, the crypto market surged, with the meme coin hitting a three-month high.

PEPE price rise revives

PEPE price shot up by nearly 20% in the last 24 hours, following nearly two weeks of sideways movement. At the time of writing, the meme coin could be seen trading at $0.000001417, breaching the crucial 61.8% Fibonacci Retracement of the $0.000001838 to $0.000000609 decline.

Generally, testing this line as a support level tends to confirm a bullish move for an asset, and if PEPE manages to close a daily candlestick above it, it would cement its recent gains. This rally was important for PEPE as it revived the bullishness that had been missing since the beginning of November. 

The Awesome Oscillator verifies this as the reappearance of rising green bars, which is a sign that the bullish momentum is making a comeback. This would enable the PEPE price to rally towards the 78.6% Fibonacci Retracement line marked at $0.000001570.

PEPE/USD 1-day chart

However, if the broader market bullishness wanes and bearishness takes its place, the PEPE price could lose the support of $0.000001372. This would send it to tag $0.000001227, losing which would invalidate the bullish thesis, leaving the meme coin vulnerable to a decline towards $0.000001000.

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