Has the Accumulation of PEPE Ended as it Reaches a 5-Month High?

Has the Accumulation of PEPE Ended as it Reaches a 5-Month High?

PEPE Surges to 5-Month High

The memecoin PEPE has been experiencing a bullish trend, breaking through long-term resistance levels and reaching 5-month highs. If the current price action continues, it could indicate the end of the accumulation period and a move towards the next resistance level at $0.00000190. However, if today’s price action is just a deviation, PEPE may return to the previous support area at $0.00000102.

PEPE’s Price History

In June 2023, PEPE dropped to a low of $0.00000082 and entered a long-term accumulation phase. It later formed a double-bottom pattern in the $0.00000061 area between mid-September and mid-October. The subsequent upward movement confirmed resistance at the key $0.00000147 level, which has acted as both support and resistance in the past.

Breakout and Bullish Momentum

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PEPE has broken out above the key resistance level and is attempting to close the daily candle above it. This breakout was supported by a series of 6 bullish candles initiated on November 30, resulting in a 61.50% increase in less than a week.

Analysts’ Predictions

Traders and members of the memecoin community are optimistic about PEPE’s future price action. Some predict a target of $0.00000220, while others advise caution and suggest waiting for a retest of support levels.

Predicting PEPE’s Next Target

On the lower 6-hour time frame, the breakout above $0.00000147 is supported by increasing trading volume. The RSI is in overbought territory, but a bearish divergence has not yet been generated. If the uptrend continues, the next target is the $0.00000190 level, which served as resistance in July 2023. However, if PEPE fails to close above resistance, a decline back to support at $0.00000102 is possible.

Hot Take: PEPE’s Bullish Surge Indicates Potential for Further Growth

PEPE’s recent surge to a 5-month high and breakout above key resistance levels suggest a potential for further growth. Traders and analysts have differing predictions, with some expecting significant gains while others advise caution. It remains to be seen whether PEPE will continue its upward trend or experience a correction back to support levels.

Author – Contributor at | Website

Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.

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