Pepe Coin Price Forecast: $PEPE has endured a bearish trend since the start of October. Over the past three weeks, the coin’s value has slid from a peak of $0.00000085 to its present trading level at $0.00000064, marking a 29% decline. Nonetheless, as demand pressure intensified at the $0.0000006 support level, the price chart has formed a recognizable bullish reversal pattern known as a double bottom pattern.
Evolving Pattern Indicates an Upward Bullish Movement.
A positive divergence in the RSI momentum indicator suggests that traders are amassing around the $0.1 support level.
A break above the $0.00000085 resistance barrier could potentially initiate a substantial recovery in PEPE.
The 24-hour trading volume for Pepe coin stands at $48 million, reflecting a notable 35% increase.
At present, Pepe coin’s short-term trajectory is exhibiting a sideways pattern, with prices oscillating between $0.00000085 and $0.0000006. Nevertheless, recent days have seen buyers gaining confidence amid the broader market’s recovery, boosted by the news of the Bitcoin ETF.
The double-bottom reversal pattern may pave the way for a PEPE price recovery, potentially taking control of the overall trend and ushering in a bullish reversal. For traders on the sidelines, an optimal entry point might be the breakout above the neckline at $0.00000085.
Can Pepe Price rise back to $0.00000085?
If the buyers can sustain their current upward momentum in line with the broader market’s recovery, there’s potential for the uptrend to breach the $0.00000085 resistance level. A successful bullish breakout could pave the way for further upward movement, with a potential target being the resistance at $0.00000085.
Conversely, if a bearish reversal occurs at the overhead resistance of $2, the market may continue in a sideways pattern, prolonging the consolidation phase within the range of $0.00000082 and $0.00000085.
Key Technical Indicators:
- Relative Strength Index (RSI): Despite the sideways price movement, the daily RSI is trending higher, indicating growing buying pressure at the lower support level.
- Bollinger Bands: An upward shift in the lower band of the Bollinger Band indicator could provide additional support at $0.000001.