Pepe Coin Price Prediction as Healthy Retracement Prepare Buyers for 28% Leap

Pepe Coin Price Prediction: The recent price behavior of Pepe coin has been predominantly lateral, oscillating between the horizontal levels of $0.00000145 and $0.000001. Despite significant price fluctuations, the lack of clear directional progress highlights the prevailing uncertainty among market participants. However, an analysis of the daily time frame chart suggests that this consolidation phase is shaping up as the right shoulder of a bullish reversal pattern known as the head-and-shoulders, signaling a potential bullish outlook in the near future.

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Will Recovery Hit $0.00001?

• The formation of an inverted head and shoulder bolster buyers to surpass $0.00001
• The  $0.0000013 $0.000001 may provide suitable support to buyers
• The 24-hour trading volume in the Pepe coin is $54 Million, indicating a 69% gain.

Source- Tradingview

The Pepe coin price recovery journey is encountering a significant hurdle at the $0.00000045 level. Amidst current market uncertainty, the price of this memecoin retreated from this peak, decreasing by 22% to its present trading value of $0.00000115. 

However, this decline remains above the 38.2% Fibonacci retracement level, a sign that the bullish trend is still intact. Since last week, the coin price displayed several; long-tailed rejection candles at around $0.00000114, indicative of increasing buyer accumulation at these lower price levels. 

Should Pepe coin maintain stability above the $0.000001 threshold, there’s potential for buyers to drive the price back up to $0.00000145, challenging the neckline resistance of the inverted head and shoulders pattern. 

A successful breakout above the $0.00000145 neckline could amplify buying momentum, potentially leading to a 60% surge toward the $0.00000023 level.

PEPE vs DOGE vs SHIB Performance

Source: Coingape| Pepecoin Vs Dogecoin Vs Shiba Inu Price

Comparing the Pepe price behavior over the last three months with other memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), it’s evident that Pepe coin has been more volatile. While DOGE and SHIB prices have exhibited relatively steady recoveries, this frog theme experienced a sharp rise followed by an extended period of sideways movement. This higher volatility might discourage more risk-averse traders from engaging with Pepe coins.

• Moving Average Convergence Divergence: A bearish crossover state between the MACD and Signal line reflects that its asset is in correction sentiment.
• Average Directional Index: The daily ADX slope at 47% reflects a pullback phase is needed to recuperate bullish momentum.