PEPE Price Remains Bullish Despite Market Plunge! What’s Next?
The post PEPE Price Remains Bullish Despite Market Plunge! What’s Next? appeared first on Coinpedia Fintech News
The cryptocurrency industry has displayed a sign of relief by adding approximately $60 Billion within the past day to its valuation after recording a strong cross-border market correction since the week’s start. Further, the market leader, BTC price, holds its value above the $57,000 mark.
However, the memecoin category continues to record a mixed sentiment by displaying volatile price movements, indicating uncertainty in the future price action of these tokens. On the other hand, the Pepe price has jumped % within the past day, indicating a rising bullish influence for it.
Pepe Memecoin Displays A Bullish Pattern:
After displaying a neutral trend for the first two months, the PEPE coin price displayed significant bullish price action during March by jumping over 754% in value and recording a high of $0.000010. Following this, the bulls lost momentum and since then, the price has been trading under a bearish influence.
The Pepe memecoin has formed a symmetric triangle pattern in the 1D time frame and continues to trade within it. Positively, the Cross EMA 50/200-day displays a bullish sentiment by supporting the price chart, indicating a high possibility of bullish price action in the coming time.
The technical indicator, MACD, displays a constant decline in the green histogram, indicating an increase in the selling pressure. Furthermore, the averages show a high possibility of a bearish convergence in the 1D time frame, suggesting a mixed sentiment in the crypto space.
Will PEPE Price Increase?
If the bulls regain momentum, the PEPE memecoin will test its resistance level of $0.00000785 over the upcoming weekend. Moreover, if the bulls maintain the price at that level, it will set the stage for Pepe price to attempt to test its upper resistance level of $0.000010 this month.
However, bearish price action may pull the PEPE price toward its important support level of $0.0000590. If the bulls fail to hold the price at that level, it will plunge and fall to test its crucial support level of $0.0000040 in the coming time.
