With an inverted head and shoulders pattern signaling a potential bullish flag breakout, could PEPE rise to $0.000030?
Meme coins are poised for a major breakout event as part of a broader market recovery. PEPE is showing signs of breaking out from a long-standing resistance zone on the 4-hour chart.
The underlying potential and price patterns suggest a massive surge of nearly 40%. Let’s take a closer look at PEPE’s price analysis.
PEPE Price Analysis
On the 4-hour chart, PEPE’s price action is currently in a sideways trend, forming a consolidation range. This consolidation began after the bullish attempt to close above $0.00002363 failed.
The failure to sustain the bullish momentum followed a nearly 200% price surge from November 5 to November 14. During this period, the price rose from $0.00000803 to a peak of $0.00002567. As a result, PEPE’s price action is now forming a bullish flag pattern.
The consolidation range is bound by two important price action levels. The support zone is strong at $0.000001775, while the resistance zone is near $0.0000023.
The upper ceiling and lower boundary coincide with the 38.20% Fibonacci and base levels, respectively. Additionally, the shifting dynamics within this consolidation range suggest the formation of an inverted head-and-shoulders pattern.
Supporting the bullish trend, the MACD and signal lines have recently crossed positively, reinforcing the uptrend with an increase in positive histograms. The 4-hour RSI has surpassed the 50-level and remains above the 14-day SMA. Furthermore, the lack of divergence strengthens the chances of a breakout as the price approaches the overbought zone.
PEPE Price Targets $0.000030
The neckline of the inverted head-and-shoulders pattern aligns with the 38.20% Fibonacci level. PEPE’s price action is currently showing a bullish reversal, completing the right shoulder of the pattern.
Additionally, the PEPE market price stands at $0.000002158, surpassing the 23.60% Fibonacci level at $0.000002143. If the uptrend breaks above the overhead resistance, PEPE will likely emerge as one of the top gainers, leading to a high-momentum rally.
The Fibonacci levels suggest potential price targets at the 61.80% and 78.60% levels, priced at $0.000002740 and $0.0000030, respectively. On the downside, the key support zone remains strong at $0.000001755.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
