🚀🚀🚀Pepe Coin Channel Breakout Pattern Shows Price Rise to $0.00001.

The cryptocurrency market has been in sideways movement for the past two weeks, reflecting the uncertain sentiment among investors regarding the Bitcoin halving. While the BTC price is still fluctuating around $63,000, the frog-themed memecoin Pepe has transcended this general sentiment and is showing a significant rise on the daily chart.

The PEPE Coin price is currently trading at $0.0000076, having recovered 65% from the low of $0.0000046. During the rise, cryptocurrency buyers decisively exited the channel pattern, indicating higher growth potential.

Pepe Coin Breakout from Channel Pattern Points to Price Rally to $0.00001

Will Pepe Coin's Recent Exit Lead to a 45% Rise?

On April 23, the Pepe Coin price formed a decisive refraction channel pattern on the daily chart. Breakout from this chart pattern suggests a maturation of a decelerating trend and a re-emergence of recovery awareness among investors.

Currently, the breakout rally stands above the breakout trendline due to a lack of valid support from bullish momentum and volume. However, the intraday 3.75% increase created an engulfing bullish candle and quickly changed the dynamics in favor of bulls.

While the overnight recovery mimicked the Morning Star pattern, the uptick following the retest aims to surpass the $0.0000092 peak. Moreover, the December holiday will occur in a shorter time frame, which would support the bullish move.

Given that the overall market recovery coincides with the timing of Pepe’s exit rally, the meme coin could reach the upper limit of $0.0000108, which would represent a 45% upside.

On the other hand, a bearish trend could drop #PEPE’s valuation below the $0.00000663 support level.

Technical Indicators

Relative Strength Index: The daily RSI slope above the 50% midline reflects the bullish trend for the asset.

EMA indicator: The token price managed to achieve a bullish pivot from the 100D EMA, avoiding any strong bearish impact.

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