Pepecoin Price Analysis: In late June, the price of PEPE, a frog-themed cryptocurrency, experienced a significant increase, reaching a monthly high of $0.00000179. This surge in price was accompanied by a rise in trading volume, indicating strong buying momentum from market participants. However, the current Pepecoin price is undergoing a corrective phase after the rally, which could potentially fuel further bullish momentum.
Pepecoin Price Daily Chart
The 4-hour timeframe chart for Pepecoin shows the formation of a flag pattern. If there is a breakout above the upper trendline, it would signal a continuation of the uptrend. The trading volume for Pepecoin in the past 24 hours is $85.1 million, reflecting a 71% decrease in volume.
Source: Tradingview
For over a week, the Pepecoin price has been displaying alternating green and red candles on the daily chart, indicating uncertainty among traders. However, this pullback is contained within two downward-sloping trendlines, suggesting the formation of a flag pattern.
This bullish continuation pattern implies that the correction is temporary, and buyers may resume the upward trend once the resistance trendline is broken. Currently, the PEPE price is trading at $0.00000153 with a 1.92% intraday loss, continuing its descent during the retracement phase.
Potential buyers may consider waiting for a breakout above the resistance trendline, as it would provide a strong foundation for pushing prices to the $0.00000193 level, followed by $0.0000021.
Will Pepecoin Coin Sustain Above $0.0000014 Mark?
Flag patterns support the continuation of established uptrends by providing opportunities for temporary pullbacks and allowing bullish momentum to recover. However, as long as the pattern’s trendlines remain intact, the PEPE price could experience a prolonged correction and potentially drop below the $0.00000140 mark. Therefore, the support level aligned with the 38.2% Fibonacci retracement level is crucial, as it could assist buyers in breaking the overhead trendline.
Vortex Indicator: A bullish alignment and positive sentiment for further rally is indicated by a VI+ slope (blue) above the VI- line (orange).
Fibonacci retracement level: The market trend remains bullish as long as the correction phase stays above the 50% Fibonacci retracement level.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market conditions. It is recommended to conduct thorough market research before investing in cryptocurrencies. The author and the publication do not hold any responsibility for personal financial losses.
