Is It A Good Time to Buy Pepe Coin(PEPE)? – Crypto News – Crypto News
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Is It A Good Time to Buy Pepe Coin(PEPE)? – Crypto News

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The Pepe coin price on the verge of a massive breakout hints recovery trend to extend higher

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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.

Also Read: 3 Crypto Cases In 2023 In Which US SEC Got Humiliated

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
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.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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