1 Billion USD Ignites the Fire of Pepe (Pepe Coin)
PEPE Makes a Strong Comeback! After receiving a massive injection of 1 billion USD, its price has rebounded from recent lows. This article will explore the latest PEPE price trends to help you gain insight into the next price movements.
PEPE currently ranks 28th in the cryptocurrency leaderboard and 3rd among meme coins, with a 24-hour trading volume exceeding 1.6 billion USD, representing a 1.6% increase from the previous period, securing a certain position in the market. PEPE Price Analysis: Will the PEPE cryptocurrency fall victim to an ascending wedge? Currently, the market price of PEPE is at 0.0000176 USD (24-hour decline of 1.4%), and its price exhibits an ascending wedge. The previous day's trading volume surged over 1 billion USD, causing the price to rise towards a local resistance level of 0.00001942 USD. However, it quickly faced resistance (the daily high turned low), raising concerns among holders about the formation of a bearish ascending wedge trend.
The trendline is narrowing, and the ascending wedge shows bearish signs. Although it has been consolidating and attempting to reach new highs over the past week, the bullish momentum has clearly waned. At this moment, everyone is focused on the descending 20DMA (at 0.00002020 USD) to see whether it will trigger a downward reversal when it touches the current consolidation area, or whether it will help PEPE bulls regain critical moving average support. Contrary to the concerning technical pattern, the RSI shows a glimmer of hope; this indicator has fallen back to a bullish divergence state during consolidation, currently at 48, possibly indicating an impending upward breakout.
Overall, based on the current consolidation range, short-term price movements are relatively easy to predict, especially if the HTF double bottom support gains strength, which would reinforce the expectation of an extended upward trend in the range. In this case, the upward target for PEPE is 0.000019 USD (expected to rise 7.85%), with a downward risk at 0.00001728 USD (or a decline of 2.37%), corresponding to a short-term risk-reward ratio of 3.31, which might present a good swing trading opportunity.