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While most altcoins had a boring weekend, PEPE Coin started moving again. The price has surpassed an important resistance level as speculators seek alternative options with BTC stuck in a narrow range. PEPE, which has been steadily declining for a while, is one of them. So, how much higher can this popular meme coin rise?
PEPE Coin Review
PEPE, the meme coin that made a mark in June, is back in the spotlight. The altcoin, which provided its investors with a short-term spring in the midst of a challenging bear market, has surpassed a significant resistance level. As of the time of writing, PEPE Coin is trading at $0.00000135.
On the daily timeframe chart, PEPE Coin initiated a V-shaped recovery from the $0.00000105 support area. This rise is likely associated with the formation of a reverse ascending diagonal pattern. We will see in the coming hours whether a real reversal has begun for the altcoin, which suffered significant losses due to whale sales following its listing on the Binance exchange.
PEPE Coin Chart Analysis
On August 8th, Pepe Coin showed a decisive break towards the falling wedge formation from the resistance trendline. The breakout intensified buying momentum and pushed prices 13.6% higher in the last four days. Amidst this rally, buyers made a high-powered breakout from the $0.00000131 local resistance level.
If the PEPE Coin price demonstrates sustainability above the $0.00000131 resistance level, buyers can continue along the path of a wedge pattern. In this scenario, we may witness a price increase to $0.00000155, representing a 16.2% gain.
The 4-hour timeframe chart shows a significant number of rejection candles near the $0.00000135 resistance. This overall situation will trigger a significant pullback that could help buyers regain exhausted bullish momentum. However, if the minor decline manages to hold above the August 12th daily candle ($0.00000129), the upward trend may continue.
Bitcoin‘s price is currently at $29,446, remaining above the PEPE Coin resistance level at the time of writing. Investors should exercise caution against increasing speculative movements these days and be prepared for sudden drops in price.
