Bullish Reversal Pattern Sets PEPE Price Beyond $0.00002
A strong rebound from the $0.0000021 support reflects that the recent correction has recovered the exhausted bullish momentum. However, there is a strong supply zone at $0.0000017 that could create technical barriers for Pepe coin. The 24-hour trading volume for Pepe coin indicates a 13% loss, currently standing at $227 million.
Over the last seven months, Pepe coin has mainly moved sideways and struggled to maintain a level above $0.0000019. However, the daily time frame chart reveals an inverted head and shoulders pattern, indicating a potential bullish reversal. This pattern suggests increasing accumulation by buyers who perceive the coin as undervalued.
In December, amidst market uncertainties, Pepe coin experienced a slight pullback to $0.00000221. This retracement forms the right shoulder of the inverted head and shoulders formation, contributing to the bullish reversal pattern.
A significant inflow into Pepe coin on December 22nd led to a breakout from the resistance trend. This breakout is expected to drive the coin price up by 20%, targeting the neckline resistance of the pattern.
If Pepe coin successfully breaks out above the critical neckline at around $0.0000017, it would provide stronger confirmation of a new bull run. However, if buyers fail to push the price above this level, the coin is likely to continue moving sideways until further market developments or catalysts.
Is PEPE Price Ready to Surpass $0.000002?
The cryptocurrency market is optimistic about the potential approval of a Bitcoin spot ETF in 2024, which could positively influence major coins like Pepe coin. This optimism increases the likelihood of Pepe coin breaking its overhead neckline resistance and triggering a significant buying wave. A successful breakout could lead to a 70% price increase, targeting $0.0000029.
- Bollinger band: The upper boundary of the Bollinger band at around $0.0000017 could act as an additional barrier against buyers.
- Moving Average Convergence Divergence: A potential bullish crossover between the MACD and a signal line above the zero line would provide additional confirmation for an uptrend continuation.
Hot Take: Pepe Coin Gains Momentum with Bullish Reversal Pattern
The frog-themed memecoin Pepe has gained momentum in the crypto market with a bullish reversal pattern called inverted head and shoulders. The recent rebound from support levels indicates a recovery of bullish momentum, while technical barriers at $0.0000017 present challenges for further price increases. However, if Pepe coin successfully breaks out above this critical level, it could signal the start of a new bull run. With optimism surrounding the potential approval of a Bitcoin spot ETF in 2024, Pepe coin may see significant gains and surpass $0.0000029.
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