The recent correction in Pepecoin price found support at the $0.0000011 mark, showing a sharp bullish reversal. In less than two days, the coin’s market value nearly doubled and hit the $0.000002 barrier. The 4-hour chart exhibits the formation of a famous bullish reversal pattern, inverted head and shoulder, suggesting that the PEPE price might be gearing up for an even more substantial rally.
This V-shaped recovery reflects high buying momentum in the market, indicating the possibility of a bullish resurgence. The potential crossover between the 20 and 50 EMA could accelerate bullish pressure in the market. Furthermore, the intraday trading volume in PEPE is $1.07 billion, representing an 18% gain.
The head and shoulder pattern triggered a sharp recovery point in the market, changing the trend-defining dow theory and introducing the formation of new higher highs and higher low rallies. Currently trading at $0.00000191, the PEPE coin forms the right shoulder of the pattern, also identified as the final pullback before a significant rally. With sustained buying, the coin price could increase by 8-10% and challenge the neckline resistance (yellow trendline).
If you are a trader looking for new long positions, consider waiting for a breakout with a candle closing above the aforementioned trendline, as it offers buyers a launchpad to climb higher in the chart. A potential breakout from this trendline could surge the Pepe price by an additional 50% to reach the significant resistance zone of $0.0000031.
However, a contrary note, a breakdown below the $0.000001558 support would invalidate the bullish thesis. The technical indicators point towards a relatively favorable bullish forecast. The Relative Strength Index (RSI) slope above the midline offers additional confirmation for buying momentum. Moreover, the Bollinger Band indicator highlights that a potential breakout from the $0.0000031 resistance will also challenge the upper ceiling, suggesting a momentum trading opportunity for market participants.
In conclusion, the PEPE intraday price levels are as follows: Spot price at $0.00000192, a downward trend, low volatility, resistance levels at $0.00000212 and $0.00000245, and support levels at $0.00000174 and $0.00000155. The presented content may include personal opinions subject to market conditions—always conduct thorough market research before investing in cryptocurrencies. The creator and the publication hold no responsibility for any personal financial loss.
Source: Coingape
