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During the afternoon of the US session, the price of Pepe turned bullish, registering a surge not seen in quite some time. The surge occurs despite the dearth of activity on the meme coin's social media network, raising questions as to what may have triggered the increase.

After protracted stagnation, the price of Pepe coins increases by 10%

The Pepe price recorded a 10% increase on August 8, rising from $0.000001102 to an intraday peak of $0.000001230. This was an unexpected move given the recent silence on the network's social media. The advance propelled the recently trending meme coin to a market capitalization of $470 million, but the breakout appears unsustainable, suggesting that a pullback may be imminent.

At the time of writing, the price of Pepe is up against the 50-day Exponential Moving Average (EMA) at $0.0000119. An increase in selling pressure above this level could result in the dethroned monarch of meme coins breaching the $0.000001212 resistance level in order to accumulate buy-side liquidity.

Due to liquidity collection's unique capacity to stabilize the market, Pepe coin could extend north, potentially marking the 100-day EMA at $0.000001260 or, in an extremely bullish scenario, the 200-day EMA at $0.000001339.

The Relative Strength Index (RSI) is trending higher, while the Awesome Oscillators (AO) histograms are saturated in green and advancing toward the positive, indicating that momentum is rising.

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On the other hand, the favorable outlook for Pepe's price appears untenable, and the uptrend may be premature. The subsequent selling pressure could cause the frog-themed meme coin to retrace to the $0.000001127 support level or, in the worst-case scenario, to prolong a leg south to the $0.000001036 support floor.

Metric on-chain

According to IntoThe Block's Global In/Out of the Money (GIOM) chart, there is significant resistance between $0.000001000 and $0.000002000. Any attempt by speculators to breach the price out of this range would be met with selling pressure from 37,840 addresses that purchased approximately 205,19 trillion PEPE tokens at an average price of $0.000001000.

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