Over the past 48 hours, the Pepe price has shown significant bullish momentum on the 4-hour chart. The closing prices have steadily increased from $0.00000538 to a recent peak of $0.00000668, indicating a strong upward trend.

The Exponential Moving Averages (EMA) have provided further confirmation of this bullish trend. The 9 EMA values have seen a consistent rise as well. Similarly, the 20 EMA has also increased. These upward slopes of the EMAs highlight the strength of the current trend and suggest that the momentum is likely to continue in the short to medium term.

The Moving Average Convergence Divergence (MACD) indicators further support the bullish narrative. With the MACD line moving above the signal line and the histogram values increasing over time, it's clear that the buying pressure is intensifying.

The Relative Strength Index (RSI) has also moved into overbought territory, progressing from 71.37 to an extremely bullish reading of 79.21. While some traders view an overbought RSI as a sign of potential reversal, in strong trending markets, it can also indicate sustained buying interest.

Given the current technical setup, traders might consider potential entry points for long positions near the support levels of $0.00000515, $0.00000395 and $0.00000271, with each level providing a stronger safety net against pullbacks. The bullish indicators suggest that holding positions with a view to breaching recent highs could be a viable strategy. Conversely, for those considering short trades, caution is warranted given the strong bullish signals. A reversal strategy might only be considered if there are clear bearish divergences or a significant breakdown below the nearest support level, with tight stop losses to manage risk.

$PEPE