PEPE coin has succeeded in grabbing the interest of analysts and investors alike once more. Popular crypto analyst Cold Blooded Shiller has posted a thorough technical analysis of the PEPE/USDT pair on Binance, highlighting both substantial potential and concerns in the current market.
A More in-depth Analysis of PEPE
In his tweet, Shiller outlined both bullish and pessimistic outlooks for PEPE as it nears a pivotal point in its price chart. He discovered a significant support-turned-resistance zone between $0.0000063 and $0.0000062 after studying the currency over a four-hour period.
In addition to indicating a change in market dynamics, this move from resistance to support also suggests a fundamental shift in investor attitude regarding PEPE.
Source: Cold Blooded Shiller on X
PEPE’s price has somewhat decreased, according to data from CMC, falling by 1.50% in the last day and by a negligible 0.37% in the previous week. These swings coincide with PEPE approaching a critical resistance indicated by a declining trend line, as indicated by Shiller’s analysis.
Technical Analysis: Important Levels and Possible Breakouts
Shiller highlights the possibility of a “fakeout,” in which PEPE briefly breaks above this trend line before reversing course and possibly declining into the established support zone around $0.0047423.
But if this support holds, it might act as a springboard for the currency, increasing its value by 47.47% and aiming for an upper price goal of $0.000011.
Furthermore, according to the Relative Strength Index (RSI), PEPE is presently in a neutral zone and could move significantly either upward or lower.
Shiller highlights the combination of possible risks and significant rewards in his recommendation for investors to consider investing in PEPE if indications of a strong breakout are seen.
Also, PEPE was trading just below the 200-EMA at the time of publication, a pivotal point that may determine the course of the market going forward.
Source: Trading View
On the other hand, meme token hodlers have historically been profitable during downturns in the global market by holding tokens like PEPE, DOGE, and SHIB, in line with what baelcalls previously disclosed.
