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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
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/pepe-price-analysis-bullish-pattern-forecast-a-50-rally-in-pepecoin-enter-today/