Pepe Coin Surges Amidst Market Uncertainty
The cryptocurrency market has been experiencing sideways action for the past two weeks, reflecting investor uncertainty surrounding the upcoming Bitcoin Halving. However, the frog-themed memecoin Pepe has defied this sentiment, exhibiting a notable upswing in its daily chart.
Since its swing low of $0.0000046, PEPE coin has rebounded by 65%, currently trading at $0.0000076. During this rally, the coin broke decisively out of a channel pattern, signaling potential for further growth.
Breakout Leads to Potential 45% Surge
PEPE coin price | Tradingview
On April 23rd, the Pepe coin price broke out of a channel pattern on the daily chart. This breakout typically indicates the end of a downtrend and renewed bullish sentiment among traders.
While the breakout rally has stalled above the broken trendline due to a lack of bullish momentum and trading volume, an intraday gain of 3.75% has formed a bullish engulfing candle, potentially shifting the dynamics in favor of the bulls.
If the overnight recovery forms a morning star pattern, a post-retest rally could aim to surpass the $0.0000092 peak. Additionally, a range breakout in a shorter time frame could further support the bullish move.
Technical Indicators Support Rally
- Relative Strength Index: The RSI slope has moved back above the midline of 50%, indicating a return of bullish sentiment.
- EMA Indicator: The coin price has maintained a bullish pivot above the 100D EMA, mitigating any significant bearish impact.
Potential Targets and Risks
Given the overall market recovery aligning with the PEPE breakout rally, the meme coin could potentially reach $0.0000108, representing a 45% increase.
However, a bearish pivot could push the PEPE price below the $0.00000663 support level. It is worth noting that the broader market has been experiencing overhead supply, which could limit the follow-through and consolidation of the PEPE price over the past six days.
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