Meme coins, including PEPE, are set for a major breakout amid a broader market recovery. On the 4-hour chart, PEPE shows signs of breaking out from its long-term resistance zone, indicating a potential price surge of up to 40%. Let’s dive into the analysis.
Current Price Action of PEPE
On the 4-hour chart, PEPE’s price action is in a sideways trend, forming a consolidation range. This phase began after a failed bullish attempt to close above $0.00002363.
Between November 5 and November 14, PEPE experienced a nearly 200% increase, rising from $0.00000803 to a peak of $0.00002567.
The subsequent consolidation has formed a bull flag pattern, shaping the current price trajectory.
Key Consolidation Levels
The consolidation range is defined by two key levels:
Support: $0.000001775
Resistance: $0.0000023
These levels align with the 38.20% Fibonacci retracement and core price action levels. During this consolidation, an inverse head and shoulders pattern has also emerged, signaling a bullish setup.
Technical Indicators Support Growth
MACD and the signal line recently crossed positively, confirming the uptrend. The histogram further indicates strengthening bullish momentum.
RSI (Relative Strength Index) has crossed the 50-level and remains above the 14-day SMA, confirming the market’s upward strength.
The lack of RSI divergence reinforces the likelihood of a breakout, especially as the price nears the overbought zone.
PEPE Price Targets: $0.000030
Price action is now completing the right shoulder of the inverse head and shoulders pattern, with the neckline at the 38.20% Fibonacci retracement.
The current price of PEPE is $0.000002158, which is above the 23.60% Fibonacci level at $0.000002143.
If the price breaks above resistance, PEPE could see a sharp rally, potentially becoming one of the market’s top gainers.
Fibonacci Levels as Potential Targets
61.80% Fibonacci retracement: $0.000002740
78.60% Fibonacci retracement: $0.0000030
On the downside, key support remains strong at $0.000001755, providing a safety net in case of a slowdown or correction.
PEPE shows strong bullish potential, with a breakout above resistance likely being the key to achieving the target price of $0.000030.
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