- The PEPE coin price has given a breakout from the descending channel.
- The technical indicators are suggesting buy signals in the current trading phase.
The PEPE is a meme coin based on Ethereum. This cryptocurrency was created as a tribute to Pepe the Frog internet meme. The project strives to establish itself as one of the top meme-based cryptocurrencies by capitalizing on the popularity of meme coins, like Shiba Inu and Dogecoin. PEPE offers incentives to investors to remain committed to the project. It employs a redistribution system that rewards long-term investors.
PEPE Coin Price is Reflecting Positive Returns from the Last Six Months
The PEPE coin price experienced a decline of over 65% in September 2023. The bearish rally started from the $0.00000191 resistance level to the $0.00000061 extreme support level. It continued the negative sentiments in the cryptocurrency.
Alternatively, the price formed a double-U pattern on the $0.00000061 support level. Lately, the pattern was broken by a solid bullish candle made on October 23, 2023. This level becomes an important point of interest (POI) in the current trading phase.
Previously, the PEPE coin price surged almost 100% after the breakout of the double-U pattern. It reached the $0.00000174 resistance level and declined 50% by forming a descending channel. The price got a bullish reaction from the $0.00000086 breakout.
That reaction changed the bearish sentiments toward bullish, and now the price is moving upward. Additionally, the 24-hour trading volume of the PEPE token has decreased by almost 26%, ranked 60th among 8837 cryptocurrencies.
Technical Analysis of the PEPE Coin Price
The current PEPE coin price has rebounded by the 50-day and the 200-day EMA, reflecting a change in direction. At press time, both the EMAs are preventing the current market price from falling.
The PEPE coin price has given a breakout from the descending channel at the $0.00000113 level. It got a strong response from the $0.00000086 breakout level. The current market price is sustaining above the breakout level.
The price faced resistance from the $0.00000142 level. As per the technicals, the price is moving downward to upward, so it holds a high probability of breaking above the $0.00000142 resistance level. Besides, it can reach the $0.00000174 level after that.
On the other hand, the relative strength index (RSI) shows internal bullish divergence with a strong momentum. It reflects the current price is trading in bullish sentiment. The RSI is sloping at 58.13 above the 50-mark middle band.
Conclusion
Overall, the PEPE coin price is performing in an uptrend. It has given a breakout from the descending channel. The price got a strong bullish response from the double-U pattern breakout level of $0.00000086. The PEPE coin price is moving toward the $0.00000142 level and can also exceed the $0.00000174 resistance level.
Technical Levels
- Resistance Levels: $0.00000142 and $0.00000174
- Support Levels: $0.00000086 and $0.00000061
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.