Pepe price is up 3.9% in the last 24 hours after hitting an intraday low of $0.00002066. This increase is part of an 85.6% weekly rise following Pepe’s sudden breakout from an extended bull pennant consolidation. The price of PEPE is currently consolidating around $0.00002257, where resistance is forming. Can PEPE overcome this obstacle and soar high?
Pepe Price Faces Key Resistance
PEPE price is currently in the price discovery zone but has found a local resistance around $0.00002500. Price discovery zones can be challenging to analyze since they do not have historical prices for potential support and resistance zones. However, price points like $0.000025 are usually psychological resistance levels as they represent a round fixed figure and are also halfway to $0.000050.
This resistance is likely due to profit-taking from traders and short-term investors. Data from IntoTheBlock shows that large holder inflow dropped by 29% in the last 7 days, while transaction count also decreased from over 3,000 to 660 between November 14 and 18. This signals that large investors are closing their long positions in profit, awaiting the next opportunity to enter the market.
Why Pepe Price Could Surge 1,000% After Clearing This Resistance
The frog-themed crypto asset is in a strong uptrend, breaking out from a long-term symmetrical triangle pattern, supported by increasing volume and a parabolic curve.
The breakout above $0.00002175 confirms bullish momentum, with Fibonacci extensions pointing to further upside targets. The strong, bullish candle that broke out of the symmetrical triangle confirms buying pressure. No signs of reversal are present. The Average Directional Index (ADX) at 29.57 signals a strengthening trend, confirming the breakout’s momentum.
At 72, the relative strength index (RSI) indicates the market is slightly overbought, suggesting possible consolidation or minor pullbacks before further upward movement.
The recent PEPE price breakout from the symmetrical triangle also dabbled as a bull pennant breakout. A measured move of the height of the pennant sets the price target around $0.0002760, constituting a 10X from the current price.
How Likely Is a 1,000% Surge for Pepe in the Short-Term?
Elon Musk’s recent tweet mentioning Pepe has boosted brand awareness, potentially impacting future price movements. Over the last 24 hours, Musk has posted tweets with Pepe images and interacted with tweets containing Pepe, leading investors to conclude that the PEPE price could be about to rally. More tweets from Musk are expected to further increase bullish sentiment.
pic.twitter.com/ZMuoxownmF
— Elon Musk (@elonmusk) November 17, 2024
The meme coin has a healthy trading volume in the top 20 cryptocurrencies by market cap and also recently enjoyed listings on Coinbase and Robinhood, contributing to its strength.
Further, Bitcoin’s price significantly impacts Pepe’s performance as the latter is highly correlated to the former. A Bitcoin breakout above $90,000, potentially reaching $100,000 is predicted to trigger a new all-time high for the meme coin. Political events and regulatory changes in the US, such as Trump’s influence and pro-crypto SEC actions, could significantly impact the crypto market and Pepe’s price.
The post Pepe Price Must Overcome This Obstacle For A Quick 10X Surge appeared first on CoinGape.
