Pepe Coin Price Eyes Key Breakout Ahead of Bitcoin Halving
For over a month, the Pepe coin price has witnessed a steady downtrend, projecting a new lower high and low in the daily chart. Connecting these swings with trendlines created a channel patternâ a common technical setup that leads to an active downtrend before an imminent breakout.
From the mid-March high of $0.00001084, the PEPE price plunged 55% to currently exchange hands at the $0.00000492 mark. Despite the downturn, this memecoin maintains its position among the top 50 cryptocurrencies with a market cap of $2.07 Billion.
If the selling pressure persists, the PEPE coin could extend its correction by 25% to hit the channel patternâs lower trendline at $0.0000035. However, with the Bitcoin Halving just around the corner and Coinbase Advancedâs upcoming launch of the 1000PEPE-PERP markets poised to have a significant impact on PEPE coinâs trading dynamics.
This development would likely bolster a bullish reversal from the patternâs lower trendline and set PEPE on a new recovery trend.
Having said that, the buyers will gain better control over this asset with the upside breakout of the channel pattern. The post-breakout rally could chase the Pepe price to $0.00001084.
Technical Indicator
Exponential Moving Average: The PEPE price trading below the 20-and-50-day EMA highlights the near-term trend is bearish. Moreover, a potential bearish crossover among these EMA slopes could accelerate selling momentum.
Moving Average Convergence Divergence: The MACD(blue) and Signal(orange) in a negative crossover state indicate a steady downtrend in the Pepe Coin.
Donât miss updates, my friends đ«
