What’s the Road Ahead for Pepe Coin Price After Surpassing $0.000002?
Release: 2024/02/28 00:54 Reading: 610
Pepe Coin Price: The cryptocurrency market returned on recovery momentum last weekend, uplifting several digital assets influencing Pepe Coin. This frog-themed memecoin witnessed a massive inflow in the last four days as the price surged from $0.00000115 to $0.00000215, registering 84% growth. Amid this rally, the buyers breached the neckline resistance of an inverted head and shoulder pattern, signaling a major change in the market dynamic.
Also Read: Whales Dumping Trillions of Pepe Coin Tokens as PEPE Price Shoots 60%
Pepe Coin Price Eyes 30% Gain After Neckline Breach
The last correction trend in PEPE coin price bottomed at $0.00000086 as the broader market witnessed renewed buying interest aligned with increasing inflow in Spot Bitcoin ETF. The positive turnaround in the PEPE price has propelled the coin price by 162% within two weeks to hit a 10-month high of $0.0000023.
However, a major portion of this growth is acquired in the last two days, displayed as two elongated green candles in the daily chart. In the same period, the OI-Weighted Funding Rate of PEPE experienced a significant increase as per Coinglass, moving from 0.0169% to 0.12%. This substantial rise indicates a growing willingness among traders to pay more for holding long positions in PEPE, suggesting a bullish market sentiment and an expectation of higher future prices for the asset.
An analysis of the daily time chart shows the recent price surge breached the neckline resistance of inverted head and shoulder patterns. This chart pattern is a well-known structure for trend reversal as market dominance shifts from seller to buyer.
Currency trading at $0.00000218, the PEPE price must show its sustainability above the breached neckline around $0.00000163. Under the influence of this pattern, this memecoin is poised to chase $0.00000288, accounting for a 30% potential gain.
Also Read: Pepe Price And New Meme Coin Frog Wif Hat (FWIF) Explode – New All-Time High Next?
Technical Indicator
- Bollinger band: An upswing in the upper boundary of the Bollinger band indicator reflects an aggressive buying pressure from market participants.
- Average Directional Index: The ADX slope uptick at 28% indicates the buyers have sufficient momentum to prolong the current recovery trend.
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