PEPE Eyes Bullish Breakout Amid Renewed Trader Optimism

Popular memecoin PEPE is showing signs of a potential price rally as derivative data indicates a surge in trader optimism. The coin's 4-hour chart has displayed multiple Breaks of Structure (BOS) and Change of Character (CHoCH) signals, suggesting that a breakout above the $0.00000780 resistance level could trigger a significant uptrend, potentially pushing PEPE towards $0.00000850 in the mid-term. Short-term technical indicators such as MACD and moving averages are signaling a 'buy' sentiment, and the surge of 5.02% in price coupled with a 39.88% increase in trading volume in the last 24 hours underscores the rising bullish activity. However, while these immediate signals are positive, the long-term momentum remains uncertain as longer-term moving averages still flash a 'sell' signal. Overall, renewed trader optimism supported by increased open interest and leveraged positions is building a cautiously optimistic scenario around PEPE's price action, amidst the inherent volatility of the memecoin market.