Will PEPE Cryptocurrency Fall Victim to Rising Unity?
PEPE is recovering, with its price rising from its recent lows and a massive $1 billion inflow into it.
To help you predict the future of PEPE prices, we have analyzed the latest price movements in this article.
Currently, PEPE is trading at $0.0000176, reflecting a one-day move of -1.4%, and its price is still in a bullish unit pattern.
Attempts to break local resistance around $0.00001942 led to price action on Wednesday, which was followed by an influx of almost $1 billion in trading volume.
However, investors may be concerned that PEPE price is building a bullish bearish unit pattern if it quickly encounters resistance, leading to a lower daily high.
The bullish unit looks negative as the trend lines have become narrower; this shows that the buying momentum is weakening, even with attempts at higher highs and extended consolidation over the past week.
Now everyone is waiting to see if the bearish 20DMA, which is currently sitting around $0.00002020, will reverse the downtrend or allow PEPE buyers to reclaim the important moving average support when it reaches the current consolidation zone.
A glimmer of optimism is emerging in the Relative Strength Index (RSI), which has cooled to a positive divergence throughout the consolidation move and currently reads 48. This could indicate that an imminent bullish breakout is on the horizon, contradicting the worrying technical pattern.
As a result, PEPE has an upside target of $0.000019 (probability +7.85%) and a downside risk of $0.00001728 (probability -2.37%). As a result, there is a short-term risk:reward of 3.31, making it a potentially strong trade.