Despite 68.53% of holders in the red, PEPE is slowly becoming a new strong meme coin in the industry. In the recent correction, the PEPE coin price falls drastically by 26% to the crucial support of $0.0000010574, aligning with the 78.60% Fibonacci level.
Cooling down the selling spree, buyers hold off the selling spree at $0.0000010574, leading to a sideways trend. However, the growing bearish influence threatens the bullish dominance at this psychological level.
PEPE coin price action displays a short-term resistance trendline influencing a bearish pressure over the recovery attempts. Even the price action forms a head and shoulder pattern with the bottom support at $0.0000010574.
Currently, PEPE is trading at $0.0000010766 with an intraday loss of 1.41% but displays lower price rejection from the crucial support zone.
Moreover, the RSI indicator shows a notable bullish divergence in the 4-hour chart as the RSI line grows as the PEPE tests $0.0000010574. This increases the likelihood of a bullish reversal to challenge the overhead resistance trendline.
Will PEPE Boost To $0.0000013?
The RSI divergence and a potential recovery coming in the market align perfectly for a bull run in not just PEPE but for most altcoins. Therefore, the trendline breakout will signal a buying opportunity for short-term traders. Potentially, the breakout rally will push PEPE higher to $0.0000013.
On the flip side, a further decline below the 78.60% Fibonacci level will give a bearish breakout of the head and shoulder pattern. The breakdown rally will significantly drop the meme coin prices below the psychological mark of $0.0000010.
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