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Pepe bulls set to overlook Friday's dip, sending price of PEPE soaring 28%
Despite the current market slump, Pepe pricing remains strong.
Predict a 28% increase in PEPE's value to $0.0108.
If the price falls below the new low of $0.00760, the bullish thesis will be rendered useless.
Despite a general increase in selling pressure throughout the cryptocurrency market on May 10, the price of Pepe (PEPE) remains stubbornly low. While several cryptocurrencies witnessed double-digit decreases in value due to Bitcoin's (BTC) 4% decline, PEPE meme currency remained relatively stable.
The price of Pepe is still going up.
With a path to break through the local high set on March 14, Pepe's price movement is looking brighter than other altcoins. Pepe has soared 134% in less than a month and has signs of further growth, while being in a rangebound pattern.
With a recent recovery over the range's midpoint of $0.00835, the pepe price is now trading within the $0.00581 to $0.0108 range. Specifically, this change bodes well for investors since the rebound occurred at the same time as the Awesome Oscillator (AO) and the Relative Strength Index (RSI) climbed above their respective average levels of 0 and 50, respectively. The bullish momentum is certainly building and in control, as this move plainly reveals.
Consequently, Pepe pricing has a stronger possibility of outperforming the market if the crypto market outlook remains same. PEPE has the potential to stage a 25% rally, bouncing off the $0.00835 level and reaching a range high of $0.0108.
In contrast, a break in the bullish market structure would be indicated if the price of Pepe were to conclude each trading day below the $0.00760 swing low that occurred on May 8. The bullish thesis for PEPE would be rendered worthless since this scenario would result in a lower low.
A 25% drop in Pepe price, to a range low of $0.00581, is possible if panicked holders dump their PEPE tokens.
