Recurring Bullish Pattern Hints PEPE Coin Price Recovery to Extend 25%
Release: 2023/11/20 06:16 Reading: 331
Amid prevailing market uncertainty, the Pepe Coin is experiencing significant resistance at the $0.00000145 level, leading to a notable reversal. In the last two weeks, this resistance has caused a 22% drop in this memecoin’s market value, bringing it to a current trading price of $0.00000114. However, analysis of the 4-hour time frame chart reveals this decline as part of a bullish continuation pattern known as the Falling Wedge.
Also Read: Bitcoin (BTC) Derivatives Market Show Resemblance to 2021 Bull Run, Options Expiry Today
Will PEPE Price Recovery Continue?
- The formation of a falling wedge pattern could bolster buyers to breach the $0.0000015 barrier
- The $0.000001 stands as a strong support zone for buyers
- The 24-hour trading volume in the Pepe coin is $51 Million, indicating a 12% loss.
src="/uploads/20231120/1700432156655a891c202ad.png">Source- Tradingview
From the third week of October to early November, the Pepe Coin price underwent a considerable growth phase, rising from $0.0000006 to $0.00000146, a total increase of 131%. This rally was marked by the formation of three bullish continuation patterns, each suggesting the potential for sustainable recovery.
The first was a pennant pattern around October 10th, leading to a rise to $0.00000136. The second was a bullish flag pattern towards the end of October, propelling the price to $0.00000146.
Currently, the coin is forming a Falling Wedge, which typically indicates a high likelihood of continuing the uptrend. This pattern may cause the price to undergo further correction before a decisive upward breakout.
If a breakout from this pattern is achieved, it has the potential to greatly increase buying pressure. As a result, the price of Pepe coin could potentially rise by 25%, reaching its previous swing high of $0.00000146.
Key Levels to Watch
Currently, Pepe Coin is being traded at $0.00000112, after recently falling below the 38.2% Fibonacci retracement level. If the correction continues, there is a possibility that the coin's price may decline to the next support zone at $0.000001, aligning with the 50% Fibonacci level. Staying above this level would maintain a bullish sentiment and increase the likelihood of an upward trend continuation. Conversely, a drop below this level would signify a decrease in bullish momentum.
- Bollinger Bands: The flat upper boundary of the Bollinger Bands may act as an additional resistance zone, challenging upward price movements.
- Vortex Indicator: The converging slopes of the VI+ and VI- lines, nearing a negative crossover, suggest a potential acceleration in selling momentum.
The post Recurring Bullish Pattern Hints PEPE Coin Price Recovery to Extend 25% appeared first on CoinGape.
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