Pepecoin has been in a correction phase for the past five days, during which the price plummeted from its all-time high of $0.00000449 to the current price of $0.00000193 registering a loss of 57.2%. The pullback is showing sustainability above the 61.8% Fibonacci retracement level indicating the investors are interested in buying this memecoin at a dip. Here’s what the technical analysis project about the potential rally in the PEPE price
- After a massive rally, the significant correction was important for Pepecoin to check price suitability and recreate the bullish momentum.
- Completion of ascending triangle pattern may kickstart a new bullish recovery
- The intraday trading volume in the PEPE is $1.42 Billion, indicating a 292.5% gain.
The Pepecoin price is currently hovering above the combined support of $0.00000184 and 61.8% FIB level trying to obtain suitable footing at this level. The 61.8% FIB level may not reflect a healthy retracement but can offer a strong launchpad to raise the prices higher.
Moreover, the narrow consolidation above the $0.00000184 shapes an ascending triangle pattern in the hourly chart. This pattern is one of the famous bullish continuation patterns which increases the underlying buying momentum in the coin.
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In response to this pattern, the Pepecoin price is likely to breach the $0.0000021 neckline resistance offering a signal to resume a bullish recovery. This breakout could surge the PEPE price to the $0.0000027 mark and encourage buyers for further growth.
On a contrary note, a breakdown below the pattern’s support trendline will offset the bullish thesis and trigger a longer correction phase
Exponential Moving Average: The 20 EMA slope near the $0.0000021 neckline increases the resistance strength of this level.
Moving Average Convergence Divergence: The diminishing gap between the falling MACD(blue) and signal(orange) lines reflect the decreasing bearish momentum.
Pepecoin Intraday Price Levels
- Spot price: $0.00000191
- Trend: Down
- Volatility: Medium
- Resistance level- $0.0000021 and $0.00000235
- Support level- $0.00000185 and $0.0000016
The post Is Pepecoin Craze Over or it’s Just a Pullback Before the Next Bull Rally? appeared first on CoinGape.
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