Sign Up on MEXCPEPE Price Analysis: Bullish Pattern Forecast a 50% Rally in Pepecoin; Enter Today?
PEPE Price Analysis: The recent correction in Pepecoin price found support at the $0.0000011 mark and showed a sharp bullish reversal. The coin price nearly doubled its market value in less than two days and hit the $0.000002 barrier. Moreover, the 4-hour chart shows the formation of a famous bullish reversal pattern called inverted head and shoulder, indicating the PEPE price is poised for further rally.
Key Points:
- This V-recovery reflects high buying momentum in the market, indicating a possibility of a bullish recovery
- The potential crossover between the 20 and 50 EMA will accelerate the bullish pressure in the market
- The intraday trading volume in the PEPE is $1.07 Billion, indicating an 18% gain.
Source- Tradingview
The head and shoulder pattern created a sharp recovery point in the market from where the coin price changed the trend-defining dow theory and initiated the formation of new higher highs and higher lows rallies.
Currently, the PEPE coin trades at $0.00000191 and forms the right shoulder of the pattern also identified as the last pullback before a significant rally. With sustained buying, the coin price should rise 8-10% and challenge the neckline resistance(yellow trendline).
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The traders looking for new longs could wait for a breakout and candle closing above the aforementioned trendline, as it will offer buyers a significant launchpad to climb higher in the chart.
Thus, a potential breakout from this trendline may surge the Pepe price another 50% to reach a significant resistance zone of $0.0000031.
On a contrary note, a breakdown below the $0.000001558 support will invalidate the bullish thesis.
Technical Indicator
Relative Strength Index: The RSI slope above the midline offers additional confirmation for buying momentum.
Bollinger Band: The potential breakout from $0.0000031 resistance will also challenge the Bollinger band indicator’s upper ceiling suggesting a momentum trading opportunity for market participants.
PEPE Intraday Price Levels
- Spot price: $0.00000192
- Trend: Down
- Volatility: Low
- Resistance level- $0.00000212 and $0.00000245
- Support level- $0.00000174 and $0.00000155
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