Crypto market witnessed a notable rise this week, reviving bullish sentiment among market participants. Thus, the frog-themed meme coin Pepe has recovered from $0.00000122 and is poised to challenge the recent swing high of $0.00000175. Thus, the potential increase will also complete the bullish reversal formation, also called inverse head and shoulders, and show an early sign of a trend reversal.
Bullish Reversal Formation Pushes PEPE Price Beyond $0.00002
- A strong recovery from the $0.0000021 support reflects the recent correction regaining depleted bullish momentum.
- Accumulation of technical barriers at $0.0000017 could create a strong supply zone
- The 24-hour trading volume on Pepe coin is 227 Million dollars, indicating a loss of 13%.
Koinfinans.com As we reported, during the last seven months, pepe coin The price action remained largely sideways and faced difficulties in maintaining a level above $0.0000019. Analysis of the daily time frame chart reveals that this period of consolidation has taken the form of an inverted head and shoulders formation, a development that often signals a potential bullish reversal.
This pattern indicates increased accumulation by buyers who are likely looking to take advantage of what they perceive as the coin’s rock-bottom value. Amid the uncertainties that clouded the crypto market in December, Pepe coin experienced a slight pullback and fell to $0.00000221. This pullback in particular is seen as a component of the overall bullish reversal pattern, forming what is known as the right shoulder of the inverse head and shoulders pattern.
On December 22, a significant entry into the Pepe coin precipitated a decisive breakout from the resistance trend that had previously led the recent correction phase. Under the influence of this formation, the meme coin price is expected to rise by another 20%, targeting the neckline resistance of the formation.
A successful bullish breakout beyond this neckline, located at approximately $0.0000017, would provide stronger confirmation that a new bull run has begun.
Conversely, if buyers fail to push the price above this critical neckline, Pepe coin is likely to continue its sideways trajectory, awaiting further market developments or catalysts to determine its next significant move.
Is PEPE Price Ready to Surpass $0.000002?
As 2024 approaches, cryptocurrency The market is optimistic about the potential approval of the Bitcoin spot ETF, positively impacting major coins including Pepe coin (PEPE). This optimism increases the likelihood of PEPE breaking through overhead neckline resistance, triggering a potentially significant buying wave. A successful breakout could lead to a significant 70% price increase for PEPE, reaching a target of $0.0000029.
- Bollinger band: Flattening of the upper boundary of the Bollinger band around $0.0000017 will provide an additional barrier to buyers.
- Moving Average Convergence Divergence: A potential Bullish crossover between the MACD and a signal line above the zero line will provide additional confirmation for the continuation of the uptrend.