Pepe Coin Price Prediction: A Potential Turnaround for Buyers
Over the past two months, the meme cryptocurrency PEPE has seen a significant decline, falling nearly 50% from its high. However, technical analysis suggests that this downtrend may be part of a key reversal pattern, indicating a potential turnaround and opening up opportunities for buyers.
Will PEPE Price Hold the $0.000001 Support?
A recent analysis shows that PEPE cryptocurrency is showing technical signs of a bullish trend on its 3-day chart. It is forming the right shoulder of a head-and-shoulders pattern and the TD Sequential indicator has issued a buy signal. This combination of factors suggests a potential upward momentum for PEPE.
The inverted head and shoulders pattern signals a bullish reversal at the end of a downtrend, featuring three troughs with the central one being the deepest.
$PEPE is currently showing signs of forming the right shoulder of a head-and-shoulders pattern on its 3-day chart. Additionally, the TD Sequential indicator has issued a buy signal within this timeframe, suggesting an anticipated bullish impulse for #PEPE. pic.twitter.com/brSr7uln3z
— Ali (@ali_charts) February 10, 2024
Amid the recovery in the crypto market, the PEPE price has surged and if the pattern holds true, it should rise to the neckline resistance, providing a potential gain of 55%.
When Will PEPE Price Recovery Start?
A deeper analysis of the daily time frame chart reveals that the ongoing correction in Pepe Price is within the converging trend lines of a falling wedge pattern. This pattern suggests that a correction trend is reaching maturity and a recovery may be on the horizon. Under bullish conditions, the Pepe price should signal the start of a fresh recovery trend.
Depending on the breakout timing, it may take 2-3 weeks for the PEPE price to reclaim a specific mark. Additional support for PEPE buyers can be found at the lower boundary of the Bollinger band indicator, and a bullish crossover between the MACD and signal line indicates early signs of recovery from buyers.
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