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- The Pepe price has risen by 25% in the past 4 days and has defended the 200-day EMA mark.
- PEPE crypto price has departed from the demand zone, and the RSI has shown a golden crossover.
The Pepe (PEPE) price has undergone a consolidation phase for the past few months. The PEPE price has been struggling below the $0.0000130 mark since June. It has the potential to outperform once it gets out of the consolidation zone. Let’s find out how.
Can PEPE Price Repeat History?
The Pepe crypto price has defended the major support level of $0.00000600 since March. This meme coin’s price tested the major support zone in September and gained bullish momentum. However, it triggered a pullback and is up by 25% after taking support on the 200-day exponential moving average (EMA).
Brett (@brett_eth), a historical trend chartist, shared his PEPE price analysis on X (formerly Twitter). The chart structure of PEPE crypto has generated a scenario that matches price movements from March to May. The price witnessed a solid bullish momentum during that period after the breakout and retest.
Brett claims the PEPE coin price has displayed a breakout and retest from a descending trendline. If buyers show interest, it may shoot up like last time.
Buyers Look Strong: Can PEPE Price Remain Bullish Ahead?
When writing, the PEPE crypto traded at $0.0000105 with an intraday gain of 3.43%. The market capitalization was $4.44 Billion, increasing 13% over the past 24 hours. PEPE was in the top 10 cryptocurrencies in terms of 24-hour trading volume, with a gain of 80%.
Since June, the PEPE price has made three attempts to overcome the $0.0000130 mark, but it couldn’t. In the first week of August, buyers lost momentum, and sellers dragged down the price to the major support level.
The buying momentum at the major support level generated a buying opportunity, and the price headed toward the resistance level.
If the PEPE coin price overcomes the major resistance level, buying opportunities for a longer period can be possible. If the trading volume supports this momentum, the crypto price might record a new all-time high (ATH).
On the other hand, buyers might panic if the Pepe crypto price dives below the key moving averages. The PEPE sellers may dominate further if it sustained below the 200-day EMA. Once the price loses the major support level, profit booking might take place, which can trigger a sharp fall.
The RSI indicator has displayed a bullish crossover, which could spark a bullish momentum. The price has surpassed the key moving average, which could trigger bullish momentum.
PEPE Crypto Price Analysis and Forecast
The PEPE price has witnessed a breakout and retest from the declining trendline. The price has been struggling in a parallel channel on a daily time frame. If it manages to surpass the major resistance level of $0.0000130, it could generate a bullish signal and extend to a new ATH.
In case the Pepe crypto price starts trading below the major support level of $0.00000600, sellers may lead the trend. Below this level, buyers might panic and may prefer to book profit. That profit booking could trigger a sharp selling, and the price may fall further.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
