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Pepe Coin Price Sees 25% Leap Amid Bullish Triangle Breakout – Crypto News
Amid the renewed recovery trend in the crypto market, the Pepe coin price showcased a bullish reversal from the $0.000006 psychological support. This positive turnaround surged the memecoin to $0.00000818, registering a 41% weekly surge. Analyzing the daily chart, the price reversal also develops a bullish pattern called an ascending triangle, indicating the asset is poised for higher recovery.
Also Read: Pepe Coin And Dogwifhat Surges By 30% In 7 Days – Could Dogecoin20 Be Next?
Pepe Coin Sets Sights on Recovery with Ascending Triangle Pattern
The crypto market witnessed a notable correction in March’s third week, which plunged the Pepe Coin price to $0.000006. This psychological level coinciding with the 50% retracement level creates a high Area of Interest(AOI) for buyers to stall further price correction.
In theory, a price fall to 50% FIB level is considered a healthy retracement for buyers to recuperate bullish momentum. A recent reversal from this support, assisted by an ascending trendline(In Blue) has retested the supply zone at $0.00000857.
This chart setup resembles the formation of a bullish pattern called an ascending triangle. The higher low formation hints the buyers are gradually strengthening their grip over this asset to lead a high momentum rally.
The Pepe Coin price currently trades at $0.00000810 with an intraday gain of 0.37%. Having a market cap of 3,4 Billion, this frog-themed memecoin stands among the top 50 cryptocurrencies as per CoinMarketCap.
Under the influence of the triangle pattern, the PEPE price is likely to break the $0.00000086 neckline setting the stage for higher recovery. The post-breakout rally may drive the memecoin value 25% to challenge the $0.0000108 high.
However, a breakdown below the pattern’s lower trendline may accelerate the selling pressure for prolonged correction.
Also Read: Bitcoin Bull Robert Kiyosaki Reveals Reason Behind BTC $300K Prediction
Technical Indicator
- Exponential Moving Average: The coin price above the 20-day EMA slope of the near-term trend aligns with the long-term uptrend.
- Moving Average Convergence Divergence: A potential bullish crossover between the MACD(blue) and the signal(orange) line would give additional confirmation for recovery.
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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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