Pepe Coin Price Prediction: The formation of a double bottom pattern sets the PEPE price for a significant upswing in the near term
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Pepe Coin Price Prediction: The PEPE price has been in a bearish climate since the beginning of October. Within the last three weeks, the coin price tumbled from a high of $0.00000085 to its current trading price of $0.00000064, registering a loss of 29%. However, with the increased demand pressure at $0.0000006 support, the price action shaped into a well-known bullish reversal pattern called a double bottom pattern.
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Emerging Pattern Set Bullish Upswing
- A bullish divergence in the momentum indicator RSI indicates the accumulation of traders at $0.1 support
- A bullish break from the $$0.00000085 barrier may trigger a direction recovery in PEPE
- The 24-hour trading volume in the Pepe coin is $48 Million, indicating a 35% gain.
Source- Tradingview
The short-term trend in Pepe coin is currently sideways, where the prices continue to resonate between $0.00000085 and $0.0000006. However, the buyers found confidence in the overall market recovering over the past few days with the news of the Bitcoin ETF.
With the altcoins, especially meme coins, gaining momentum, the peep coin is managing to bounce back from the $0.0000006 support level, leading to a potential double-bottom reversal in the daily chart.
With this double-bottom reversal, the PEPE price may regain the overall trend control and lead to a bullish reversal. However, the sideline traders would find a better entry opportunity at the breakout of the neckline at $0.00000085.
Can Pepe Price rise back to $0.00000085?
Considering the buyers can sustain the uptrend momentum with the overall market recovery, the uptrend can breach the $0.00000085 ceiling. In case of a bullish breakout, the uptrend will continue to reclaim higher levels, potentially the resistance level of $0.00000085.
However, on the flip side, a bearish comeback at the overhead ceiling of $2, a sideways trend is possible to prolong the consolidation phase between $$0.00000082 and $$0.00000085 range.
- Relative Strength Index: Despite sideways price action, the daily RSI slope higher indicates the increasing buying pressure at bottom support.
- Bollinger Band: an upswing in the lower band of the Bollinger Band indicator could serve as extra support at $0.000001.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
