Will Pepe Reach $0.000010? Ascending Triangle Signals Possible Rally

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PEPE currently trades at $0.0000072273, down by 0.74% within the last 24 hours. PEPE has been down by 75% since its all-time high. Having a market cap of approximately $3 billion, the meme coin has been creating an ascending triangle pattern.

Since early March, Pepe has been implying the possibility of a breakout rally around the corner. The overall crypto market is volatile, but the trading volume of PEPE remains consistent. This shows accumulation by long-term investors despite short-term bearishness.

PEPE Price Analysis

Since last week PEPE has been trading in an ascending triangle, and there is a horizontal resistance level at $0.0000074653. This continuation pattern indicates accumulation and may result in a breakout.

Since the start of the month, PEPE has been shaping an inverse head and shoulder pattern on the hourly chart with the neckline at $0.00000750. This acts as an important resistance level. In case of a sustained breakout above the $0.00000750 level, PEPE could trigger a 40% rally to $0.000010.

PEPE has made strong support at $0.0000069511, whereas an immediate resistance stands at $0.0000074653, with a higher one at $0.0000081432. Multiple tests of the resistance level have weakened the sellers, potentially leading to a breakout.

The $0.0000072273 price is currently trading close to the 20-day EMA, which is basically trending in the horizontal direction, showing consolidation. The 50-day EMA at $0.0000069511 is still below current prices, giving longer-term bullish support.

The MACD line of 0.0000000767 is starting to converge with the signal line of $0.000000642, which indicates decreasing bearish momentum. Volume patterns suggest decreasing selling pressure.

PEPE Price Targets

According to the ascending triangle structure, PEPE’s upside targets are $0.0000074653 and $0.0000081432, with the potential to hit $0.0000085000 as momentum picks up. Failing that, the lower targets are $0.0000069511 and $0.0000060.

Also Read: More US Crypto Firms Seek Bank Licenses Under Trump Rule

Written by
Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.