PEPE Price Prediction, Make Waves or Fade Away?
- On the daily chart, the Pepe Price is poised to surpass both the 21-day and 50-day EMAs
- The double bottom pattern on the daily chart indicates a significant potential for a reversal
- The long-standing descending channel guiding the memecoin's 100-day bearish trend has been broken with the upper trendline's breach
PEPE coin establishes a double bottom close to its all-time low
In the past quarter, PEPE's price has consistently been moving downward, following a descending channel pattern. This pattern has played a significant role as dynamic resistance and support levels, affecting how traders respond to market movements. Notably, as the leading cryptocurrency Bitcoin rebounded from the $26,500 mark, Pepe buyers made an intriguing attempt at a new recovery by breaking out bullishly from this pattern.
Technical View:
According to Coingabbar Price Analysis, After a recent crypto market sell-off, Pepe coin saw increased interest around the $0.0000006 support level, resulting in a 9.80% price increase over four days to reach $0.00000068. This move broke the upper trendline of a long-standing descending channel that had been influencing the memecoin's bearish trend for about 100 days. To validate the breakout, the closing candle must stay above this trendline, supported by a surge in trading volume. A double bottom formation on the daily chart suggests a potential major reversal, with a potential 25% surge to $0.00000085 and a target of $0.000001.
KEY LEVELS :
RESISTANCE LEVEL : $0.0000007000-$0.0000007200
SUPPORT LEVEL : $0.0000006600-$0.0000006400
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
