🔥💥Pepe Coin Price Expects a Significant Breakout Before Bitcoin Halving
#pepe Coin Price: The halving consolidation in the Bitcoin price is strongly affecting most of the major coins, including PEPE. This frog-themed memecoin has been fluctuating sideways for the past four days with short-stemmed candles indicating a lack of initiation from buyers or sellers. However, the asset, which is close to critical support amid the halving event of Bitcoin, points to a higher potential for renewed recovery.
Pepe Coin Price
For more than a month, the Pepe coin price has witnessed a steady downward trend, reflecting a new low high and low on the daily chart. Combining these fluctuations with trend lines created a channel pattern, a common technical setup that leads to an active downtrend before an imminent breakout.
From the high of $ 0.00001084 in mid-March, the price of PEPE has dropped by 55% to exchange hands from $ 0.00000492 at the moment. Despite the Deceleration, this memecoin maintains its position among the top 50 cryptocurrencies with a market capitalization of $ 2.07 Billion.
If the selling pressure continues, the PEPE coin may extend its correction by 25% to hit the low trend line of the channel model at $0.0000035. However, the halving of Bitcoin just around the corner and the launch of Coinbase Advanced's 1000PEPE-PERP Sundays are set to have a significant impact on the trading dynamics of
Having said that, buyers will have better control over this asset with the upward break of the channel model. The rally after the breakout can follow the Pepe price up to $ 0.00001084.
Technical Indicator
Exponential Moving Average: PEPE price, which trades below the 20- and 50-day EMA, emphasizes that the near-term trend is bearish. Moreover, a potential downtrend among these EMA Decents could accelerate the selling momentum.
Moving Average Convergence Divergence: The MACD (blue) and the Signal (orange) in the negative cross state indicate a constant downward trend in the Pepe Coin.
