PEPE faces resistance hurdles: will it show a significant recovery?
(note: the post contains data by Analytics Insight)
PEPE, the popular meme-inspired crypto asset, is making waves in the crypto market amidst a surge in price and significant whale activity. According to the latest data, the coin's value has risen by over 19% over the last 7 days, showcasing the bull momentum in the recent few days currently driving the market. However, the price has found a resistance zone and the bullish outlook is losing steam.
Recently, data revealed two massive Pepe trades worth approximately $21 million. These transactions, typically associated with wealthy investors or "whales," have the potential to influence market prices due to their size.
The weekly chart for Pepe reveals a sustained bullish trend, with the price marking higher lows and breaking upward through resistance levels. Over the past three consecutive weeks, the asset has exhibited consistent bullish pressure, signaling a strong upward trajectory.
On the daily chart, Pepe recently broke out of a descending channel or bullish flag pattern on April 22nd, closing above the main monthly bullish flag. This breakout was further reinforced by the formation and subsequent breakout from a mini bullish flag pattern that lasted several days, confirming the continuation of the uptrend.
Two days ago, the price surged to hit the resistance zone target at $0.00000918 before experiencing a rejection. However, analysis suggests that a retracement is likely before the upward momentum resumes, with the recent high of $0.00001081 serving as the immediate near-term target if the $0.00000918 resistance level is breached.
If a breakout occurs above the $0.00000918 resistance level, the price is expected to rally toward the next target of $0.000001081.
