The PEPE price has remained strong popping out of the crypto market crash, rebounding greater than 40% in a single day. This bullishness has fed the narrative for the meme coin, which is touted to be the subsequent large factor on Ethereum. However, the query stays whether or not the PEPE worth will proceed to rise from right here if it has reached its peak for this cycle.
PEPE Price Still Bullish From Here
Despite being down round 30% from its May 27 all-time excessive of $0.00001718, the PEPE price is still showing bullish tendencies. This might level to a continuation, one thing that pseudonymous crypto analyst “melikatrader94” factors out in an analysis on TradingView.
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According to the crypto analyst, the PEPE worth has bounced off an inside development line that has been appearing as assist for the meme coin. As a outcome, there was the formation of a double backside following the newest worth bounce, and that is bullish for worth.
Since the PEPE price was quick to react to the internal trend line, the crypto analyst believes that this exhibits sturdy shopping for curiosity within the meme coin. Furthermore, the chart is exhibiting the formation of an ascending development line, and given the historical past of ascending development traces, then worth might proceed to rise, so long as it doesn’t get away of this channel.
With the double backside talked about above, the PEPE worth is already seeing the results of this bullish reversal. If this continues, the value is predicted to rise over 150% from right here once more, reaching a brand new all-time excessive of $0.00004128, based on the crypto analyst.
Scenarios For Invalidation
While the PEPE price continues to be very bullish, there are nonetheless eventualities that would ship the value spiraling downward. Short of a market-wide Bitcoin and crypto crash, the PEPE price nonetheless has a number of resistance ranges to beat from right here. One of these is the $0.000025 degree.
Furthermore, because the analyst factors out, the value has to stay above the inner development line, which at the moment sits simply above $0.000008. As lengthy because it holds this level, then bulls stay in cost and may attempt to drive the value up.
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Another main level to look at is the mid-channel resistance. In this case, the resistance lies simply above $0.000025, which is above the present all-time excessive. This means there’s nonetheless room for progress earlier than hitting any main resistance.
Last however not least is the quantity for the meme coin. If the PEPE trading volume continues to rise, then the shopping for stress can push the value towards new ATHs. However, a decline within the buying and selling quantity might be detrimental for the value and result in a reversal. “Increasing trading volume would further confirm the bullish trend and provide additional confidence in reaching the target price,” the analyst mentioned in closing.
Featured picture created with Dall.E, chart from Tradingview.com
