In the ever-changing landscape of cryptocurrencies, recent analysis of Pepepcoin in the 4-hour time frame chart caught the attention of traders with its symmetrical triangle formation. The PEPE coin price managed to respect this pattern despite the high volatility in the market, making it a reliable indicator for future predictions.
The bullish breakout from the $0.000047 resistance, which has seen the PEPE coin price jumping 15%, is a testament to the reliability of this setup. This breakout could lead to an interesting buying opportunity for potential investors, as the support trendline of the symmetrical triangle prevents the Pepecoin from facing a significant downfall. Market-watchers have observed that the 24-hour trading volume in Pepecoin has reached an impressive $132.5 million, albeit indicating an 18% loss.
While broader market sentiment remains undecided, Pepecoin managed to break out of its accumulation phase by flipping the immediate resistance of $0.00000147. In the past two days, the memecoin faced multiple rejections from this resistance level before finally giving way to a decisive breakout.
The reclaimed resistance may serve as potential support and ignite a recovery cycle within the triangle. This could trigger a rally that could push prices upward by nearly 15%, reaching the overhead resistance trendline at $0.00000175. However, for Pepecoin to experience a sustained recovery, buyers will need a bullish breakout from the pattern resistance trendline.
In the last two days, Pepecoin’s price hovered sideways above the support trendline of the triangle pattern. Showing several failed attempts from sellers to break lower, this consolidation phase also revealed buyers’ aggression in protecting their level. As a result, a bullish reversal from the support trendline could propel the PEPE price to $0.00000175, with an intermediate hurdle at $0.00000163.
Technical analysis tools such as the Exponential Moving Average (EMA) and Directional Movement Index (DMI) can help indicate potential market movements. With the $0.00000147 resistance breakout, the price also reclaimed the 20 EMA slope, providing an extra advantage for long traders. Meanwhile, a potential bullish crossover between the DI+ (blue) and DI- (orange) slopes in the DMI could trigger a buying signal for interested market participants.
It is worth noting that the content presented here is subject to market conditions and reflects personal opinions of the author. It is crucial to conduct thorough market research before investing in cryptocurrencies. Neither the author nor the publication holds any responsibility for personal financial losses resulting from such investments.
Source: Coingape
