Pepe Coin Price Primed for Significant Breakout Ahead of Bitcoin Halving

The ongoing consolidation in Bitcoin's price is exerting a noticeable influence on various major coins, including PEPE. This meme-themed cryptocurrency has been displaying sideways movement over the past four days, characterized by short candles signaling a lack of decisive action from buyers or sellers. However, the asset, positioned near critical support amidst Bitcoin's halving event, hints at a heightened potential for a bullish recovery.

Over the past month, Pepe coin's price has shown a consistent downward trajectory, forming lower highs and lows on the daily chart. This pattern, coupled with trend lines, has formed a channel pattern—a common technical formation that typically precedes an active uptrend following a breakout. Starting from its mid-March high of $0.00001084, the PEPE price has retraced by 55% to its current level of $0.00000492. Despite this correction, the memecoin maintains its position among the top 50 cryptocurrencies with a market capitalization of $2.07 billion.

If selling pressure persists, PEPE could extend its correction by around 25%, targeting the lower trend line of the channel model at $0.0000035. However, with Bitcoin's halving approaching and the launch of Coinbase Advanced's 1000PEPE-PERP Sundays, significant shifts in trading dynamics are expected. In anticipation of an upward breakout from the channel model, buyers are likely to gain better control over the asset. A breakout could propel the Pepe price towards its previous high at $0.00001084.

Technical Analysis:

Exponential Moving Average (EMA): PEPE price currently trades below the 20- and 50-day EMAs, indicating a bearish near-term trend. A potential downtrend among these EMAs could amplify selling pressure.

Moving Average Convergence Divergence (MACD): The MACD and Signal lines in a negative crossover state signify an ongoing downward trend in Pepe Coin. #BinanceLaunchpool #BullorBear #Memecoins #SHIB #bitcoinhalving