PEPE’s price broke out of a bullish chart pattern in the past week.
The meme coin was looking to challenge a key resistance level at press time.
Technical indicators suggested that PEPE’s price would continue to rise in the next 24 hours.
In the past 24 hours, the price of Pepe (PEPE) was rejected by the strong resistance level at $0.00000178. However, it was unable to close a daily candle above the significant price point. Nonetheless, technical indicators did suggest that the meme coin’s price would attempt to break above the level again in the next few days.
Daily chart for PEPE/USDT (Source: TradingView)
The meme coin was in a bearish trend over the past few weeks. It did, however, form a descending wedge chart pattern during this time., which is a bullish chart pattern. In the past week, this bullish chart pattern was validated, and PEPE’s price entered into a multi-day positive sequence on Monday.
In its latest bullish move, the crypto’s price was able to rise from a low of $0.00000091 to its current level. It had attempted to break above the major resistance level at $0.00000178 over the past 24 hours, but was rejected by the key price point.
A pair of technical indicators on PEPE’s daily chart indicated that the crypto had entered into a short-term bullish cycle over the past 48 hours. The 9-day EMA line had crossed bullishly above the 20-day EMA line – signaling a change in momentum from bearish to bullish.
Despite PEPE entering into a short-term bullish cycle, the daily RSI line on PEPE’s chart suggested that the crypto’s price had reached a peak, as the line’s gradient changed from positive to negative. Nevertheless, the daily RSI was in neutral territory, which meant that PEPE still had room to rise before it entered into overbought territory.
If bulls step in to keep PEPE’s bullish move going in the next 24 hours, then the altcoin’s price could flip the aforementioned resistance level at $0.00000178 into support in the next few days. On the other hand, if PEPE’s price experiences a correction in the next 24-48 hours, then it may fall to the 9-day EMA level at around $0.0000013.
At press time, PEPE was trading at $0.000001617 following a 24-hour gain of 2.52%, according to CoinMarketCap. In addition to strengthening against the Dollar, the meme coin was also able to outperform the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) over the past 24 hours.
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