PEPE Price Remains Bullish Despite Market Plunge! What’s Next?
Release: 2024/05/02 14:22 Reading: 936
PEPE Price Remains Bullish Despite Market Plunge: What's Next?
Original Article Source: Coinpedia Fintech News
The cryptocurrency market has rebounded, adding approximately $60 billion to its valuation in the past day after a significant cross-border market correction since the week's beginning. Bitcoin, the market leader, remains above $57,000.
Memecoins continue to exhibit mixed sentiment with volatile price movements, indicating uncertainty about their future price action. However, the PEPE token has surged src="/uploads/20240504/171481898066360fa4f406a.png">% in the past day, suggesting growing bullish momentum.
Pepe Memecoin Displays Bullish Pattern:
After a neutral trend for the first two months of the year, PEPE displayed significant bullishness in March, rising over 754% and reaching a high of $0.000010. However, the bulls lost momentum, and the price has since traded under bearish influence.
TradingView: PEPE/USDT
PEPE has formed a symmetric triangle pattern on the 1D time frame and continues to trade within it. The Cross EMA 50/200-day indicators support the price chart, indicating a strong possibility of bullish price action in the near future.
The MACD technical indicator shows a declining green histogram, suggesting increasing selling pressure. Additionally, the averages indicate a potential bearish convergence on the 1D time frame, suggesting mixed sentiment in the crypto market.
Will PEPE Price Increase?
If the bulls regain momentum, PEPE could test its resistance level of $0.00000785 over the weekend. Sustained price above this level could set the stage for a test of the upper resistance level of $0.000010 this month.
Conversely, bearish price action could pull PEPE towards its support level of $0.0000590. Failure to hold this level could lead to a further decline and a test of the crucial support level of $0.0000040 in the near future.
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