Pepe Coin Escape From Channel Pattern Hints A Price Rally to $0.00001
Highlights
- The Pepe price breakout from the channel pattern signals the resumption of the recovery trend.
- An upswing in the 20-and-50-day EMA slope reflects the renewed recovery trend among traders.
- The 24-hour trading volume in the Pepe coin is $654.5 Million, indicating a 1.34% gain.
The cryptocurrency market has been under sideways action for the past two weeks reflecting an uncertain investor sentiment around Bitcoin Halving. While the BTC price is still wavering around the $63000 mark, the Frog-themed memecoin Pepe outperforms this general sentiment to show a notable upswing in the daily chart.
From the swing low of $0.0000046, the PEPE coin price rebounded 65% to currently trade at $0.0000076. Amid the rally, the coin buyer gave a decisive breakout from the channel pattern, signaling higher growth potential.
Also Read: 5 Reasons To Buy & Hold Pepe Coin Right Now
Will Pepe Coin’s Recent Breakout Lead to a 45% Surge?
On April 23rd, the Pepe coin price gave a decisive breakout channel pattern for the daily chart. A breakout from this chart pattern signals the maturity of a downtrend and a renewed recovery sentiment among traders.
Currently, the lack of bullish momentum and impactful support of trading volume, the breakout rally stagnates above the broken trendline. However, the intraday growth of 3.75% forms a bullish engulfing candle, changing the dynamics quickly in favor of bulls.
As the overnight recovery teases a morning star pattern, a post-retest rally aims to surpass the $0.0000092 peak. Furthermore, a range breakout will be visible in a shorter time frame, bolstering the bullish move.
Considering the overall market recovery aligns the timing with the PEPE breakout rally, the meme coin could hit the $0.0000108 mark, accounting for a 45% rise.
On the flip side, a bearish pivot could throw the PEPE valuation under the $0.00000663 support.
However, as the broader market continues to witness overhead supply, the PEPE price has shown a lack of follow and consolidation for the past six days.
Technical Indicator
- Relative Strength Index: The daily RSI slope back above the midline 50% reflects the bullish sentiment returning to this asset.
- EMA Indicator: The coin price manages to perform a bullish pivot from the 100D EMA, avoiding any intense bearish impact.
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