Pepe Price Prediction: Bull Trap or Just a Technical Dip?
Pepecoin's fast rise may lure traders but could be risky
#Pepe Coin price is currently on the rise, breaking out of a previous downward trend and showing a rounding pattern breakout rally.
On May 20, PEPEcoin experienced a significant surge in price, reaching a new high of $0.00001576 on May 23, representing a notable 73% increase.
However, following the approval of the Ethereum ETF, meme coins, including PEPE, faced a bearish trend, struggling to regain momentum.
Despite the overall slowdown, PEPE's price exhibited a pullback, indicating a potential correction towards a critical support level.
The price of Pepe has retraced from the 1.236 Fibonacci level and is currently testing support at the 1 Fibonacci level.
If a price correction occurs, PEPE's price could initially drop to $0.0000122, possibly prompting a rebound and triggering another bullish rally.
According to Coingabbar prediction, If the bullish momentum persist, PEPE's price might surpass the 1.618 Fibonacci level, reaching $0.000020.
KEY LEVELS :
RESISTANCE LEVEL : $0.000016000-$0.000020000
SUPPORT LEVEL : $0.000011000-$0.000007800
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
