Amid the renewed recovery trend in the crypto market, the Pepe coin price showcased a bullish reversal from the $0.000006 psychological support. This positive turnaround surged the memecoin to $0.00000818, registering a 41% weekly surge. Analyzing the daily chart, the price reversal also develops a bullish pattern called an ascending triangle, indicating the asset is poised for higher recovery.

Also Read: Pepe Coin And Dogwifhat Surges By 30% In 7 Days – Could Dogecoin20 Be Next?

Pepe Coin Sets Sights on Recovery with Ascending Triangle Pattern

Pepe Coin Price| Tradingview

The crypto market witnessed a notable correction in March’s third week, which plunged the Pepe Coin price to $0.000006. This psychological level coinciding with the 50% retracement level creates a high Area of Interest(AOI) for buyers to stall further price correction.

In theory, a price fall to 50% FIB level is considered a healthy retracement for buyers to recuperate bullish momentum. A recent reversal from this support, assisted by an ascending trendline(In Blue) has retested the supply zone at $0.00000857.

This chart setup resembles the formation of a bullish pattern called an ascending triangle. The higher low formation hints the buyers are gradually strengthening their grip over this asset to lead a high momentum rally.

The Pepe Coin price currently trades at $0.00000810 with an intraday gain of 0.37%. Having a market cap of 3,4 Billion, this frog-themed memecoin stands among the top 50 cryptocurrencies as per CoinMarketCap.

Under the influence of the triangle pattern, the PEPE price is likely to break the $0.00000086 neckline setting the stage for higher recovery. The post-breakout rally may drive the memecoin value 25% to challenge the $0.0000108 high.

However, a breakdown below the pattern’s lower trendline may accelerate the selling pressure for prolonged correction.

Also Read: Bitcoin Bull Robert Kiyosaki Reveals Reason Behind BTC $300K Prediction

Technical Indicator

Exponential Moving Average: The coin price above the 20-day EMA slope of the near-term trend aligns with the long-term uptrend.
Moving Average Convergence Divergence: A potential bullish crossover between the MACD(blue) and the signal(orange) line would give additional confirmation for recovery.

The post Pepe Coin Price Sees 25% Leap Amid Bullish Triangle Breakout  appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am