Pepe Coin Price Eyes 22% Surge as Buyers Break Key Resistance Level
Over the past two weeks, PEPE, the Frog-themed memecoin is wavering sideways struggling to sustain above the $0.0000086 resistance. Such similar consolidation in most major altcoins follows the lead of Bitcoin price fluctuation around $70000. However, the pre-having consolidation likely influences this behavior, allowing the BTC price to stabilize as the event heightens volatility. Will the PEPE price surpass this uncertainty to regain the $0.00001 mark?
Also Read: Pepe Price Forecast: Is $0.0001 Imminent Following Whale Signals and Positive Momentum?
Ascending Triangle Pattern Signals Further Gains Ahead
Pepe Coin Price| Coingape
On March 19th, the Pepe coin price rebounded from its correction from the combined support of 50% retracement and $0.00000582 support. The reversal uplifted the meme coin value by 47% in the last two weeks to challenge the horizontal resistance of $0.0000086.
Amid the current market consolidation, the PEPE price showcased several failed attempts to surpass the overhead barrier evidenced by the long-wick rejection candle. Despite the overhead supply, the coin price develops a well-known bullish continuation pattern called an ascending triangle.
The higher low formation in this structure indicates the buyers are gradually strengthening their grip over this asset, promoting a decisive breakout from key neckline resistance. With an intraday gain of 8%, the PEPE price breaks above the $0.0000086 barrier and currently trades at $0.0000088.
Sustaining this breakout will accelerate the bullish momentum and set the Pepe price on a 22% surge to rechallenge the $0.0000108. A break above this barrier will get better confirmation of continued recovery.
On a contrary note, the ascending trendline of the triangle pattern is intact and may act as dynamic support for the current recovery. However, losing this support may bring a notable correction in this asset.
Technical Indicator
BB Indicator: The expansion of the Bollinger Band indicator indicates the short-term trend is entering momentum, a suitable opportunity for breakout buyers.
Relative Strength Index: The daily RSI slope above 60% highlighted a bullish sentiment among market participants.
The post Pepe Coin Price Eyes 22% Surge as Buyers Break Key Resistance Level appeared first on CoinGape.
Filed under: News - @ January 1, 1970 12:00 am