PEPE Price Analysis: Is PEPE Ready For A Breakout Rally To Jump 20% This Month?

The post PEPE Price Analysis: Is PEPE Ready For A Breakout Rally To Jump 20% This Month? appeared first on Coinpedia Fintech News

With a sharp recovery of 4.70% in the last 24 hours, the PEPE coin price reclaims its spot in the top-performing cryptos. Ranking as the third biggest meme coin per market cap, the PEPE coin price finds a sharp recovery, ready to give a breakout entry opportunity. 

PEPE coin price action maintains a declining trend under the influence of a strong resistance trendline. The bear trend accounts for a significant price drop of 24% within the last three weeks. 

Currently, the PEPE coin price action forms a double bottom pattern by finding support at the 61.80% Fibonacci level. The Fibonacci level is at $0.000001225 and bounces higher PEPE coin price to challenge the resistance trendline. 

However, the meme coin faces higher price rejection leading to an evening Star pattern. Hence, we can expect another negative cycle before any breakout. 

Moreover, the bullish divergence in the RSI indicator projects a potential reversal in the meme coin. It can lead to the resistance trendline breakout and the 50% Fibonacci level at $0.000001343. 

Optimistically, the 50% Fibonacci level breakout can drive the meme coin price by 20% to reach the 23.60% Fibonacci level at $0.00000160. However, a further decline in the meme coins market value can break down the 61.80% Fibonacci level. The breakdown can drop the prices by 15% to test the 78.60% Fibonacci level at the psychological mark of $0.0000010.