Price Analysis
  • Sohrab Khawas
    author-profile

    Sohrab Khawas right arrow

    Author

    Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

    • author twitter
    • linkedin

  • 1 minute read

PEPE Price Analysis: Volatility High For PEPE As Stand At $0.0000010 Crossroads?

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. 

Show More

Related Articles

Back to top button