As of writing, PEPE price is trading at $0.0000190, with daily losses of 7.3%, weekly losses of 2.2%, and monthly gains of 85.6%. The present level represents a correction for memecoin after reaching a new all-time high of $0.00002569 on November 14th.
Similarly to Dogecoin (although not at the same percentage of gains) PEPE experiences a strong bullish rally and is driven by the general rise experienced by the crypto market.
Several factors are pushing the price of this crypto meme up, the first of which is the strong momentum of Dogecoin last week, the largest memecoin led the gains in this theme and pushed many other meme coins up.
Furthermore, the price of PEPE was pushed higher after major Cryptocurrency platforms such as Robinhood, Upbit, and Coinbase announced its listing.
It should be noted that after Donald Trump’s victory in the US presidential elections, several cryptocurrencies have seen significant increases, as institutional investment perceives an upcoming Trump administration that is friendly to crypto assets.
In this way, the context is highly favorable for PEPE and its value was pushed up to a market capitalization of 10.2 billion dollarsa milestone that very few cryptocurrencies have enjoyed (although it was later corrected).
PEPE technical analysis: key levels to take into account
In the PEPE charts we can see that the price presented a significant rebound by surpassing the key resistance of $0.00001721 on November 13, which corresponded to the previous all-time high.
The previous breakout allowed the price to reach the new all-time high of $0.00002569 on November 14.
However, the price corrected strongly from said maximum and is now fighting to consolidate at $0.000020, a key level in order to overcome the following resistances:
The first resistance level is $0.0000227, a double top that if surpassed would lead PEPE to a second resistance at $0.0000240 and subsequently to the aforementioned historical maximum.
If the price manages to surpass the current all-time high, we could project ourselves to reach levels as high as $0.000032.
Above the supports, there is a double bottom at $0.0000187, which could be an important buy zone. However, the loss of said level could lead to a decline to supports as low as $0.0000151.
Taking into account the current PEPE context, the RSI at 43 points shows a trend towards stabilization. It seems that the worst in terms of corrections is over for PEPE and rallies are feasible.
Analyst predicts a significant new rebound for PEPE
Various analyzes point to a significant rebound in the price of PEPE, including the achievement of new historical levels.
This is the case of Bluntz, a renowned cryptocurrency trader on the social network
Bluntz believes that memecoin has moved in a symmetrical triangle towards an ABC pattern. It is worth noting that this pattern mostly leads to a bullish breakout.
been stalking this sweep on $pepe for the last 4 days, and we just got it.
nice 28% dip from the highs and looks like a clean abc with b wave as a triangle, swept the lows now trying to reclaim.
pretty sure that was the $pepe low and we head to ATH from here.
Will delete if… pic.twitter.com/BP0jC0JHC7
— Bluntz (@Bluntz_Capital) November 20, 2024
«I’ve been following this sweep in PEPE for the last 4 days, and we got it. Nice 28% drop from the highs and it looks like a clean ABC with a wave B like a triangle, it swept the lows and is now trying to reclaim them. I’m pretty sure that was PEPE’s low and we’re headed for an ATH from here. I’ll delete it if it’s wrong, of course.
It should be noted that as prices increase, these types of analyzes are popular and can be biased by FOMO. Therefore, traders should not be blindly guided by this type of analysis and it is recommended to protect themselves against possible large corrections.
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