Will $PEPE Achieve 40% Price Rally in the Next Week 🐸
In the second week of June, significant supply pressure hit the cryptocurrency market, with Bitcoin dropping from $71,000. This, along with macroeconomic uncertainties and BTC miners' capitulation, led to a correction in major altcoins. The memecoin sector saw accelerated selling pressure.
Bull Flag Formation
PEPE, a meme coin, surged during the April-May recovery, reaching $0.00001725 before dropping 30% to $0.000012 due to Bitcoin’s reversal. This bearish trend, influenced by factors like Pre-CPI data FUD and BTC ETF outflows, pushed Bitcoin to $65,000, with continued market correction expected.
A trader bought 114.7 billion PEPE for $1.27 million, saw potential profits rise by 50%, but eventually sold at break-even, missing out on gains.
Technical Analysis
- **Bull-Flag Pattern:** PEPE is forming a bull-flag pattern, indicating potential bullish recovery.
- **Resistance Levels:** Breaking the overhead trendline could push PEPE to $0.0000175 and $0.00002.
- **Pivot Levels:** Resistance at $0.00002 and $0.000024.
- **ADX:** The ADX slope below 25% suggests buyers are regaining strength for recovery.
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