Pepe Coin Price Eyes $0.00001 High As Chart Pattern Hints End-of-Correction Trend
Highlights
- The PEPE coin shows the formation of a falling channel— a structure known for a continuous bearish trend with lower high formation.
- A bullish breakout from the overhead resistance trendline will reverse the trend polarity for a quick jump.
- The 24-hour trading volume in the Pepe coin is $820 Million, indicating a 95% gain.
Pepe Coin Price: For the last couple of months, the meme coin sector has shown an intense pullback phase in motion. With the top and hot coins like DOGE, SHIB, and BONK failing to perform, the frog-themed PEPE struggles to escape the bear claws. With a downtrend at play, the meme coin finally finds a solid footing and teases a bounce back shortly.
Also Read: Pepe Coin Price Eyes Key Breakout Ahead of Bitcoin Halving
Will A Bull Cycle Break The Above Trendline?
The Pepe coin price recently underwent a significant correction starting in mid-March, sharply declining from a high of $0.0000108. This downturn saw the coin break through multiple support levels and fall below the 50-day exponential moving average (EMA), resulting in a 65% drop to a low of $0.00000932. This trend mirrors the broader market sentiment, as seen in the falling channel pattern.
Despite this, there are signs of a bullish reversal. Pepe coin has started to consolidate above the 100-day EMA, which, along with a price lower than the 200-day EM ice is now testing the 50-day EMA and facing resistance at $0.0000634. Should it generate sufficient bullish momentum, a breakout rally could be imminent, potentially elevating the coin to price targets of $0.0000092 and $0.0000108 by the end of the month.
On the flip side, a bearish reversal from the current resistance could challenge the bullish trend, testing the support at the 200-day EMA and the $0.00000393 level. This scenario would require careful monitoring of market dynamics and sentiment.
Also Read: Coinbase Delays Pepe Coin Perp Futures Launch, PEPE Price Declines
Technical Indicator
- Moving Average Convergence Divergence: The MACD indicates a potential bullish crossover as the meme coin positions itself for a breakout. This development reinforces the bullish sentiment surrounding the coin
- Exponential Moving Average: The crucial EMAs (20,50,100, and 200-day) sustain a positive alignment and continue to provide dynamic support.
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