Pepe Coin Price Eyes $0.00001 High As Chart Pattern Hints End-of-Correction Trend

Over the past few months, the meme coin market has experienced a significant correction. Popular coins such as DOGE, SHIB, and BONK have underperformed, making it difficult for PEPE, the frog-themed coin, to break free from the downturn. Despite the bearish trend, PEPE is showing signs of potential recovery.

Will A Bull Cycle Break The Above Trendline?

Pepe Coin Price Eyes $0.00001 High As Chart Pattern Hints End-of-Correction Trend

Starting mid-March, the Pepe coin price experienced a large decrease, sliding down from its peak at $0.0000108. The drop breached several support levels and caused the coin to fall beneath the 50-day moving average (MA), triggering a 65% plunge to $0.00000932. This pattern aligns with the overall market trend, as indicated by the downward channel formation.

In spite of recent setbacks, Pepe coin is showing potential signs of a bullish turnaround. The cryptocurrency has been holding steady above its 100-day moving average (MA), while also trading below its 200-day MA. At present, the coin is encountering resistance at $0.0000634 as it attempts to test the 50-day MA. If a strong bullish trend emerges, a significant price surge could follow suit, potentially reaching targets of $0.0000092 and $0.0000108 by month’s end.

From a pessimistic perspective, if the price trend reverses bearishly from the current resistance level, it may put pressure on the bullish trend. The support levels at the 200-day moving average and $0.00000393 would then be tested. This situation calls for close attention to market conditions and investor sentiment.

Technical Indicator

  • Moving Average Convergence Divergence: The MACD indicates a potential bullish crossover as the meme coin positions itself for a breakout. This development reinforces the bullish sentiment surrounding the coin
  • Exponential Moving Average: The crucial EMAs (20,50,100, and 200-day) sustain a positive alignment and continue to provide dynamic support.

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2024-04-21 18:39