Pepe Coin Price Prediction: A bullish breakout from the inverted head and shoulder pattern should intensify the buying momentum
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Published 1 hour ago
Pepe Coin Price Prediction: Over the past four months, the PEPE price traded sideways reflecting no initiation from buyers or sellers. However, a look at the technical chart revealed this consolidation as the formation of bullish reversal patterns called inverted head and shoulder patterns. A recent breakout from this pattern’s neckline has indicated the buyers are ready to take control.
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Also Read: Bitcoin (BTC) “Past Performance is no Guarantee of Future Results” – VanEck
Bullish Pattern Sets $PEPE for Higher Recovery
- The rising PEPE price could face overhead support at $0.00000190 and $0.00000234
- The 50-day EMA slope continues to offer pullback support.
- The 24-hour trading volume in the Pepe coin is $149 Million, indicating a 39% loss.
On December 5th, the Pepe coin price recovery gave a decisive breakout from the neckline resistance of the inverted head and shoulder pattern. This breakout from this pattern has been an early sign of trend reversal and a long-position entry opportunity.
However, the post-breakout rally halts near the $0.0000017 mark, as the border market sentiment turns uncertain in response to Bitcoin price stalling in recovering momentum. Thus, Pepe is resonating in a narrow range between the aforementioned level and breached $0.0000146 support.
With the overall trend intact and the influence of a bullish breakout, the PEPE price is likely to resume the recovery trend. The post-breakout rally could surge the prices 48% higher to hit the $0.00000235 mark.
Is PEPE Price At a Risk of Major Correction?
While the overall outlook for Pepe coin price remains bullish, the current consolidation above $0.00000146 despite a breakout reflects weakness in buyers’ conviction. Usually, the breakout moves are rapid and fast-moving, and thus such a long consolidation would decrease the potential of recovery and a threat for downtrend contention. A breakdown below the $0.00000146 mark would invalidate the aforementioned bullish thesis.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/pepe-coin-price-prediction-ema-crossover-rally-to-0-000002/
