Is Pepecoin Craze Over or it’s Just a Pullback Before the Next Bull Rally?

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

Key Points:

• 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.

Source- Tradingview

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.

Also read: Best Cryptos Private Sale For 2023

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

Technical Indicator

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.