Pepe Coin Price Prediction: The crypto market witnessed a notable upswing this week, reviving a bullish sentiment among the market participants. Thus, the frog-themed memecoin Pepe rebounded from $0.00000122, preparing to challenge the last swing high of $0.00000175. Thus, the potential surge will also complete the bullish reversal pattern called inverted head and shoulder, indicating an early sign of trend reversal.
Also Read: Here’s Why Bitcoin Jumps 160% YTD Despite Multiple Setbacks
Bullish Reversal Pattern Sets PEPE Price Beyond $0.00002
- A strong rebound from the $0.0000021 support reflects the recent correction recuperated the exhausted bullish momentum
- The accumulation of technical barriers at $0.0000017 could create a strong supply zone
- The 24-hour trading volume in the Pepe coin is $227 Million, indicating a 13% loss.
Pepe Coin Price Prediction| TradingView Chart
Over the last seven months, the Pepe coin price movement has been largely sideways, encountering difficulties in maintaining a level above $0.0000019. Analysis of the daily time frame chart reveals that this period of consolidation has taken the shape of an inverted head and shoulders pattern, a development that often signals a potential bullish reversal.
This pattern suggests that there has been increasing accumulation by buyers, possibly looking to capitalize on what they perceive as the coin’s bottomed-out value. Amidst the uncertainties that clouded the crypto market in December, the Pepe coin experienced a slight pullback, dropping to $0.00000221. Notably, this retracement is seen as a component of the overarching bullish reversal pattern, forming what is known as the right shoulder of the inverted head and shoulders formation.
On December 22nd, a significant inflow into Pepe coin precipitated a decisive breakout from the resistance trend that had previously governed the last correction phase. Driven by this pattern, the coin price is anticipated to climb an additional 20%, targeting the neckline resistance of the pattern.
A successful bullish breakout beyond this neckline, which stands at around $0.0000017, would provide stronger confirmation of the commencement of a new bull run.
Conversely, if buyers are unable 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 nears, the cryptocurrency market is optimistic about the potential approval of a Bitcoin spot ETF, positively influencing major coins, including Pepecoin (PEPE). This optimism enhances the likelihood of PEPE breaching its overhead neckline resistance, potentially triggering a significant buying wave. A successful breakout could lead to a substantial 70% price increase for PEPE, aiming for a target of $0.0000029.
- Bollinger band: The upper boundary of the Bollinger band going flat around the $0.0000017 mark would provide an additional barrier against buyers.
- Moving Average Convergence Divergence: a potential Bullish crossover between the MACD and a signal line above the zero line would give additional confirmation for uptrend continuation.
