Is Pepe Coin Ready for a 40% Climb to ATH? Reversal Pattern Offers Insights
Release: 2024/07/30 22:29 Reading: 849
Bearish Crypto Market Dampens Pepe Coin Outlook
The cryptocurrency market opened the week on a downward trend, with Bitcoin plummeting to $66,700 on Monday. This supply pressure has halted the altcoin market's recovery since last week.
Amidst the sell-off, Pepe coin lost 1% intraday to $0.0000116, extending its breakout from an inverted head and shoulder pattern.
Pepe Coin Stagnates Amid Market Recovery
Despite the broader market recovery, Pepe coin, a Frog-themed meme coin, has exhibited a sluggish performance over the past two weeks. The price action on the daily chart shows alternating green and red candles, indicating indecision among buyers and sellers. The RSI hovers around 50%, suggesting a neutral market sentiment.
Accumulation Trend Precedes Breakout
Technical analysis reveals that the consolidation phase may be an accumulation trend preceding an inverted head-and-shoulder breakout. This bullish reversal pattern typically signals a change in market sentiment and a potential for a new high.
Potential Breakout and Target
Pepe coin currently trades at $0.0000116, with a market capitalization of $4.88 billion. A breakout above the neckline resistance would indicate a significant reversal and provide support for further gains. Based on chart dynamics, the post-breakout rally could drive the asset 40% higher to a new high of $0.000018.
Positive GIOM Metric
The Global In/Out of the Money (GIOM) metric for Pepe Coin indicates a positive outlook. Currently, 77% of PEPE coin addresses are profitable, while only 11% are at a loss. This distribution suggests potential price stability, as a majority of investors are unlikely to engage in panic selling.
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