An Analyst Says PEPE Is One Of The Most Alluring Cryptocurrencies on the Market
The price movement of PEPE and its relationship with key technical levels are shown on the chart, which is set on a four-hour time period. The area between $0.0000063 and $0.0000062, which was once resistance but is now support, is a major focus of Shiller's study. This green-highlighted level was once a formidable opposition zone; its transformation into support indicates a fundamental change in market attitude towards PEPE.
Analysis of the PEPE pricing
Beyond that, a red descending trend line indicates a possible breakout point, and PEPE is now nearing that barrier. Nevertheless, Shiller warns with caution that there is a possibility of a "fakeout" even if the asset is about to break this downtrend. In this case, the price may push through the trend line before retracing, which may cause a drop of almost 13% to the $0.0047423 support zone.
This support might be a stepping stone for PEPE if it can withstand market volatility, which is a typical obstacle for crypto traders. From the support level, Shiller predicts a potential 47.47% gain, with a price objective of $0.000011. A significant upward trend for PEPE would be indicated by such a move, which would also validate the present support's strength.
A neutral region indicating the asset is neither overbought nor oversold is indicated by the Relative Strength Index (RSI) hanging at the 50 level, which is closely monitored in the analysis as well. The imminent breakout or fakeout situation is highlighted by this posture, which implies the possibility for large price movement in either direction.
Read This If You'Re Interested: 69% Of PEPE Holders Made Money After 26% Lost It All In his final analysis, Shiller suggests that PEPE might be a good bet if it starts to exhibit indications of a strong breakout. Despite certain hazards, the gain might be large if favorable circumstances persist, according to his extensive observation and the technical indicators he emphasizes.
In my opinion, PEPE is now one of the most attractive charts available. Riding well above its last notable level. Is there a possibility of a fakeout and decreased odds of it happening? Yes. Should I take the chance on it if it begins to break out? Without a doubt, he said.
The price of PEPE was $0.000006976 as of the time of publication. As a result, at $0.000006677, the meme currency is getting close to the 200-EMA. Retesting the red support zone is likely in the event that this support fails to hold.
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