In the past two weeks, the frog-themed meme token PEPE has been moving sideways, struggling to stay above the resistance level of $0.0000086. This type of consolidation has been observed in most altcoins following the volatility of Bitcoin (BTC) around the $70,000 mark.
Critical Support for PEPE
However, the previous consolidation likely influenced this behavior, allowing BTC‘s price to stabilize as volatility increased. Can the PEPE price overcome this uncertainty and reclaim the $0.00001 level? On March 19th, the Pepe coin price rebounded after a correction due to a 50% retracement and support at $0.00000582.
The recovery increased the meme token‘s value by 47% over the last two weeks, challenging the horizontal resistance of $0.0000086. Amid the current market consolidation, the PEPE price has made several unsuccessful attempts to break through the general barrier, as evidenced by a long-wicked rejection candle. Despite the overall supply, the cryptocurrency price is developing a well-known bullish continuation pattern called an ascending triangle.
Price Formation in Altcoin
The higher formation in the mentioned structure could indicate that buyers are gradually strengthening their dominance over this token and encouraging a decisive break from the key neckline resistance. With an intraday gain of 8%, the PEPE price has risen above the $0.0000086 barrier and is currently trading at the $0.0000088 level.
Maintaining the mentioned breakout could accelerate the bullish momentum and potentially challenge the Pepe price with a 22% increase to $0.0000108. Overcoming this barrier could better confirm the continuation of the recovery. Contrary to assumption, the ascending triangle’s rising trend line is robust and can serve as dynamic support for the current recovery. However, losing this support could lead to a significant correction in this asset. In conclusion, PEPE has been displaying a horizontal movement in the last two weeks, trying to stay above the $0.0000086 resistance, and its price increase can be linked to the previous consolidation and BTC’s volatility, with the potential to rise to the $0.0000108 level.
