As the broader crypto market experiences a resurgence, primarily driven by Bitcoin, Pepe Coin has also witnessed a notable upward trajectory over the past week. This memecoin’s value escalated from a support level of $0.00000103 to $0.0000015, marking a significant 46% increase. This upturn developing into a bullish reversal pattern suggests that the Pepe Coin is positioned for continued growth.

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Will Pepe Coin Price Hit $0.000002?

The formation of a flag pattern offers buyers a break to restore bullish momentum for the next leap
A potential bullish crossover between the 20-and-200-day EMA could accelerate the buying momentum.
The 24-hour trading volume in the Pepe coin is $132 Million, indicating a 69% gain.
Pepe Coin | TradingView Chart

Over the last seven months, the Pepe Coin price has experienced a shallow downtrend, encountering resistance from a descending trendline. However, amid the market’s recovery phase, this frog-themed memecoin gained momentum from mid-October, rebounding from the $0.0000062 level. 

This recovery led to a substantial 140% increase in price and the formation of an inverted head and shoulder pattern, a bullish reversal indicator. Currently, the Pepe price is in the final stages of this pattern’s development, which is the right shoulder. 

Coincidentally, the neckline resistance of this pattern lies at $0.00000147, close to the aforementioned resistance trendline, marking a high supply zone. With an early hours 20% gain, the buyers showed an attempt to breach overhead resistance levels. 

A successful bullish breakout above $0.00000147 with a daily candle closing could offer traders an entry point, potentially extending the recovery to $0.00000118 and then to $0.00000208, implying a possible 60% growth.

Is Pepe Coin at Risk of Further Downfall?

At the time of writing, Pepe Coin is trading at $0.00000126, having relinquished much of its early gains. This has resulted in a daily candle characterized by a long wick, indicative of selling pressure at the dual resistance levels and a potential risk of decline. Nonetheless, as long as Pepe Coin maintains its position above the last swing low support of $0.000001, a bullish outlook remains viable

Exponential Moving Averages: The Pepe price trading above daily EMAs (20, 50, 100, and 200 days) reinforces the ongoing recovery trend.
Average Directional Index: The ADX slope at 35% signals a potential exhaustion of bullish momentum, suggesting that a minor pullback or consolidation might be necessary before the coin can make its next upward leap.

The post Is It A Good Time to Buy Pepe Coin(PEPE)? appeared first on CoinGape.

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Filed under: News - @ December 4, 2023 3:14 pm