Will This Trigger a Massive 23% Rally for PEPE?

With Robinhood Europe now offering transfers for PEPE, could this development spark a breakout rally that pushes the price to the $0.000010 psychological level—a 23% gain?

With a recent boost from Robinhood’s European arm providing additional support to PEPE, the meme coin is back in action. A boost in buying pressure in the last 24 hours propels the 24th largest cryptocurrency by 3.16% today. 

With this recovery run, will PEPE reclaim the lost levels during the 5-day bear market? Let’s find out. 

PEPE Price Analysis

On the daily chart, PEPE’s price action shows a larger falling channel pattern. Before the recent recovery, the price had suffered a significant drop of 18.17%, resulting in five consecutive bearish candles, including a reversal signal in the form of an evening star pattern.

Furthermore, the declining trend broke below the 23.60% Fibonacci level, priced at $0.000008251489. Along with the Fibonacci level, the PEPE price also broke below the support zone at around $0.0000082. Hence, the intraday recovery comes as a potential retest of the bearish breakdown. 

As the bearish momentum persists, the 50-day and 100-day EMAs have formed a bearish crossover. Meanwhile, the MACD and its signal line continue to align bearishly, with negative histograms intensifying, suggesting continued downward pressure.

PEPE Transfer Now Live on Robinhood  

Robinhood Europe now supports live transfers for PEPE, along with a 1% deposit bonus to encourage user participation. This added support has provided a short-term boost to PEPE’s price. In the last 24 hours, this new feature has sparked a resurgence in bullish momentum, giving the meme coin a potential chance for a comeback.

However, PEPE faces challenges in gaining a listing on major U.S. exchanges like Coinbase or even Robinhood’s U.S. platform. However, this proactive move in Europe provides increased exposure and the opportunity for European users to explore the meme coin.

Will PEPE Price Reach $0.000010?

If the bullish resurgence fails to reclaim the lost levels, an extended downfall will likely test the $0.000006595. Hence, the downside risk for the PEPE memecoin is almost 20%. 

On the flip side, if the recovery continues and PEPE manages to surpass the 23.60% Fibonacci level, it could target the overhead trendline near the $0.000010 psychological resistance. This would imply an upside of approximately 23%.

If PEPE breaks through this overhead resistance level and the broader market continues its recovery, the next potential target for the coin could be $0.00001370, which corresponds to the 78.60% Fibonacci retracement level.