On December 31, Musk changed his X profile picture to pepe and his nickname to Kekius Maximus.
PEPE is making a comeback, with its price recovering from its recent bottom after receiving a massive $1 billion in inflows.
According to CoinCodex, PEPE is currently the 28th-ranked cryptocurrency and the 3rd-ranked memecoin, and has seen a whopping $1,628,670,111 in inflows in 24-hour volume, up 1.6% month-over-month.
PEPE Price Analysis: Will the PEPE Cryptocurrency Fall Victim of the Rising Wedge?
At the moment, PEPE’s price is showing an ascending wedge pattern, and its current market price is $0.0000176, with a 24-hour price change of -1.4%.
Earlier, yesterday, the inflow volume exceeded $1 billion and the price action rose sharply, attempting to break through the local resistance level of $0.00001942.
However, the price soon encountered resistance (lower day high), which may cause some concern among holders who are concerned that PEPE price is forming a bearish rising wedge pattern.
The rising wedge is starting to show bearish signs as the trendline narrows. Although the price has been consolidating and trying to make higher levels over the past week, the overall bullish momentum is fading.
Currently, all eyes are on the declining 20-day moving average (DMA) at $0.00002020, and everyone is watching whether it will force a downside reversal when it hits the current consolidation area, or allow PEPE bulls to regain the support of this key moving average.
In contrast to this worrying technical formation, there is a glimmer of hope in the relative strength index (RSI), which has managed to cool down to a bullish divergence during the consolidation trend and is currently reading 48. This situation may soon indicate that an upside breakout is imminent.
Overall, the short-term price action looks fairly predictable given the current consolidation range, especially when the potential for a double bottom support on higher time frames (HTF) further solidifies the view that the current range will continue to move upward.
Thus, PEPE’s upside target price is set at $0.000019 (potential upside +7.85%), and the downside risk price is $0.00001728 (possible downside -2.37%). Accordingly, the short-term risk-reward ratio is 3.31 - this may be a good swing trading opportunity.