The frog-themed memecoin, Pepepcoin, has recently demonstrated a V-shaped recovery amidst a positive sentiment in the crypto market. Since last week’s low of $0.00000092, Pepepcoin’s price has risen by a whopping 82% to stand at the current trading rate of $0.00000116. Nevertheless, the daily chart has been showing signs of profit booking, implying that Pepepcoin’s price might be subject to a minor pullback before continuing the prevailing recovery trend.
This comes after Pepepcoin showcased high buying momentum within the last week, evidenced by six consecutive green candles and increasing trading volume activity. These signs reflect a sustained recovery and the potential for a trend reversal. With its substantial growth, the asset’s price is likely to undergo a minor pullback, providing a temporary pause for market buyers. As the coin’s price escalated, the daily chart revealed candles with extended wicks and reduced bodies, suggesting that bullish momentum is slowly dwindling.
Thus, Pepepcoin’s price might experience a minor setback, retesting the immediate support of $0.00000152 to reinvigorate the bullish momentum. This possible pullback could present dip opportunities for traders before the resurgence of the recovery rally. As the overhead supply surges, the coin’s value may enter a consolidation phase above the $0.00000152 mark. This pullback will also help determine if buyers can maintain higher levels or whether the recent rally is merely a bull trap. If the investors manage to uphold the support level at $0.00000152 in the forthcoming weeks, Pepepcoin’s price has the potential to extend the recovery rally, reaching the crucial resistance of $0.00000192.
Supporting data in the form of technical indicators include the Relative Strength Index (RSI) and the Exponential Moving Average (EMA). The daily RSI’s slope value is above 60%, highlighting high momentum buying among traders. Meanwhile, the 50-day EMA’s slope hovers around the $0.00000152 mark, reinforcing the support strength at this level.
Nonetheless, readers should be reminded that this article represents personal opinions and is subject to market conditions. As such, conducting thorough market research is fundamental before investing in any cryptocurrencies. The content’s author or any publications cannot be held liable for any potential financial loss incurred through investments.
Source: Coingape
