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Pepepcoin Price Prediction: PEPE, the frog-themed memecoin continues to witness significant selling pressure as broader market sentiment struggles with uncertainty. Over the past two weeks, a resistance trendline has been undermining the buyers’ attempt to hold higher ground and pressurize them at lower levels. A recent reversal from this trendline reflects the pepecoin price witnessed a longer sideways trendline initiating a new recovery cycle.
Key Points
- A bullish breakout from the resistance trendline is needed to reboot the bullish recovery
- A long-coming support trendline prevents Pepecoin from excess loss
- The 24-hour trading volume in the Pepecoin coin is $393.5 Million, indicating a 135% gain.
Source-Tradingview
On May 20th, the Pepecoin price witnessed a significant inflow recording an 11% intraday growth. However, this sudden spike in price with a high volume failed to breach the overhead trendline, indicating the sellers still defending this resistance.
This reversal tumbles the prices by 10-11% to hit the local support of $0.0000016. By the press time, the Pepeprice trades at the $0.00000173 mark and is likely to witness a sideways move between the resistance trendline and $0.0000016 support.
Also Read: Top 10 New Meme Coins With The Best Potential In 2023
A possible breakdown below the aforementioned support will tumble the prices 15-24% to retest the $0.00000147 or a long-coming ascending trendline respectively.
However, for upside potential, the memecoin would need a significant breakout from the overhead resistance.
Technical Indicator
Relative Strength Index: A higher peak in the 4-hour RSI slope reflects the underlying growth in buying pressure which hints at upcoming recovery.
Bollinger Band: The upper band of the Bollinger band shows an uptick indicating the bullish momentum is intact and buyers may show another breakout attempt from the overhead trendline.
Can Pepecoin Hit $0.000003 in the Coming Week?
For Pepecoin price to reach $0.000003 it would need 74% growth in just seven. Though such a level of growth may not be impossible for this trending memecoin, the current market scenario reduces its chances significantly. Thus, the pepecoin is less likely to hit the aforementioned until an external trigger triggers the prior recovery sentiment.
Anyhow, a bullish breakout from the overhead resistance may intensify the bullish momentum to hit $0.000003 in a more gradual way
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