Published 6 seconds ago
In the daily time frame chart, the Frog-themed memecoin PEPE shows a V-shaped recovery from the combined support of $0.00000105 and 78.6% Fibonacci retracement level. This bullish upswing is likely associated with the formation of a bullish reversal pattern called an ending diagonal. The rising price recently breached a local resistance of $0.00000131 indicating the potential for higher gains.
Pepecoin Price Daily Chart
- A bullish breakout from the $0.00000131 resistance set the PEPE price for a 14.2% rally
- The coin price trading above the 4-hour EMAs(20, 50, 100, and, 200) reflects the short-term trend as bullish
- The 24-hour trading volume in the Pepecoin coin is $107.5 Million, indicating a 42.5 % loss.
On August 8th, the Pepecoin price gave a decisive breakdown from the resistance trendline falling wedge pattern. The breakout intensified the buying momentum and pushed the prices 13.6% higher in the last four days.
Amid this rally, the buyers gave a high momentum breakout from the local resistance of $0.00000131. By the press time, the PEPE price trades at $0.00000132 and may see a pullback to retest the breached barrier.
If the coin price shows sustainability above $0.00000131 flipped support, the buyers may continue with the path of a wedge pattern. With sustained buying, the Pepecoin price should rise 16.2% to hit $0.00000155.
Will Pepecoin Witness a Pullback?
The 4-hour time frame chart shows multi-higher wick rejection candles near the $0.00000135 barrier. This overhead supply would trigger a significant pullback which may assist buyers to recuperate exhausted bullish momentum. However, if the minor downtick sustains above the $0.00000129 midpoints of the August 12th daily candle, the bullish thesis will remain aggressive.
- Fibonacci Retracement Level: The pepecoin price correction found a suitable support level of 78.6%. FIB level
- Relative Strength Index: The RSI slope above 70% reflects a high momentum uptrend.
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.