On Monday, Bitcoin‘s price recovery to $72,000 sparked a large influx of funds into the cryptocurrency market. This recovery caused many altcoins, particularly those in the memecoin sector like Pepe Coin (PEPE), Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk, to experience a substantial price increase. The surge in these assets indicates strong investor demand for them during the market rally.
Will the Bullish Pennant Lead to a Major Price Rally?
The Pepe coin price has been relatively stable for more than a month, following the convergence of two trendlines that form a bullish pennant pattern on the chart. This setup, appearing above the 50% retracement level, suggests a healthy pullback and provides an opportunity for buyers to regain control over this asset.
On April 5th, the price of Pepe experienced a significant reversal, dipping below its supporting trendline and reaching a new level of $0.0000076. If the overall market continues to be bullish, buyers could potentially drive the price up an additional 8%, bringing it to the resistance trendline at $0.0000082.
If the cryptocurrency price manages to surpass the pennant pattern, it’s a good sign for buyers, indicating the resumption of the uptrend. After breaking out, the price might reach the predicted goal of $0.0000108, then possibly advance toward $0.000013 and even aim for a more ambitious peak at $0.0000167.
If the price of the coin falls below its lower trendline of support, there will be an increase in supply pressure. This may lead to a more extended correction and potentially drive the coin’s price down to $0.00000313.
Technical Indicator
- Super Trend: The daily chart projecting a green film on the PEPE price indicates the broader trend remains bullish.
Moving Average Convergence Divergence: The MACD(blue) and Signal(orange) moving flat above the midline often indicate a constructive pullback for buyers to recuperate strength.
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2024-04-08 19:21