PEPE Price Remains Bullish Despite Market Plunge! What’s Next?

PEPE Price Remains Bullish Despite Market Plunge! What's Next?

Coinpedia Fintech News

The cryptocurrency industry has shown signs of recovery, adding approximately $60 billion to its valuation in the past day after a significant market correction since the week's beginning. Notably, Bitcoin (BTC), the market leader, has maintained its value above $57,000.

However, memecoins continue to exhibit mixed sentiment with volatile price movements, indicating uncertainty in their future price action. In contrast, PEPE has surged by over 7% in the past day, suggesting a growing bullish influence.

Pepe Memecoin Displays Bullish Pattern:

After a neutral trend in the first two months, PEPE experienced significant bullish momentum in March, rising over 754% and reaching a high of $0.000010. However, the bulls lost momentum, and the price has since traded under bearish influence.

TradingView: PEPE/USDT

The Pepe memecoin has formed a symmetrical triangle pattern on the 1D time frame and continues to trade within it. Positively, the Cross EMA 50/200-day indicators show bullish sentiment by supporting the price chart, suggesting a high probability of bullish price action in the near future.

The MACD technical indicator displays a gradual decline in the green histogram, indicating an increase in selling pressure. Additionally, the averages suggest a potential bearish convergence on the 1D time frame, hinting at mixed sentiment in the crypto space.

Will PEPE Price Increase?

If the bulls regain momentum, PEPE may test its resistance level of $0.00000785 over the upcoming weekend. If the bulls can sustain the price at that level, it could pave the way for PEPE to attempt to reach its upper resistance level of $0.000010 this month.

On the other hand, bearish price action could lead PEPE towards its important support level of $0.0000590. Failure to hold the price at that level could result in a plunge and test of the crucial support level of $0.0000040 in the coming period.