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Highlights
- A constructive pullback from PEPE price reflects the buyers continue to have an upper hand.
- The horizontal level of $0.0000086 stands as a significant supply zone for crypto buyers.
- The 24-hour trading volume in the Pepe coin is $1.1 Billion, indicating a 35% gain.
The Bitcoin price recovery of $70000 triggered a renewed recovery trend in major cryptocurrencies influencing memecoin. The top assets for this sector like Dogecoin, Shiba Inu, Bonk, and Pepe witnessed double-digit gains over the week. Thus, the Frog-themed memecoin, Pepe, rebound from $0.0000058 to the current trading price of $0.00000766, registering 31.5% growth. Will this recovery prolong to $0.00001?
Also Read: Pepe Coin And Dogwifhat Surges By 30% In 7 Days – Could Dogecoin20 Be Next?
Pepe Coin Sets Sights on Recovery with Ascending Triangle Pattern
The crypto market witnessed a notable correction in March’s third week, which plunged the Pepe Coin price to $0.000006. This psychological level coinciding with the 50% retracement level creates a high Area of Interest(AOI) for buyers to stall further price correction.
In theory, a price fall to 50% FIB level is considered a healthy retracement for buyers to recuperate bullish momentum. A recent reversal from this support, assisted by an ascending trendline(In Blue) has retested the supply zone at $0.00000857.
This chart setup resembles the formation of a bullish pattern called an ascending triangle. The higher low formation hints the buyers are gradually strengthening their grip over this asset to lead a high momentum rally.
The Pepe Coin price currently trades at $0.00000810 with an intraday gain of 0.37%. Having a market cap of 3,4 Billion, this frog-themed memecoin stands among the top 50 cryptocurrencies as per CoinMarketCap.
Under the influence of the triangle pattern, the PEPE price is likely to break the $0.00000086 neckline setting the stage for higher recovery. The post-breakout rally may drive the memecoin value 25% to challenge the $0.0000108 high.
However, a breakdown below the pattern’s lower trendline may invalidate the bullish thesis and accelerate the selling pressure for prolonged correction.
Also Read: Bitcoin Bull Robert Kiyosaki Reveals Reason Behind BTC $300K Prediction
Technical Indicator
- Exponential Moving Average: The coin price above the 20-day EMA slope of the near-term trend aligns with the long-term uptrend.
- Moving Average Convergence Divergence: A potential bullish crossover between the MACD(blue) and the signal(orange) line would give additional confirmation for recovery.
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