With one of the altcoin scene’s most spectacular price recoveries, Pepe has returned with a bang in recent sessions. The token has formed an extremely bullish bounce pattern on the daily chart following a protracted decline, which could cause it to move quickly toward $0.000016 and possibly higher if momentum continues. The technicals give a positive impression.
At the moment, Pepe is trading at about $0.00001436, just above a recently established rising support line. Recent corrections have been contained by this structure, which has prevented further losses and instead sparked a fresh round of buying interest. The last few sessions have seen an increase in volume, which gives this recovery more assurance. Market observers are paying close attention to the convergence of the main moving averages below the price.
A tight cluster of the 50-day, 100-day and 200-day EMAs is circling each other. In the past, this type of convergence frequently served as a catalyst for volatility, compressing price action before releasing a dramatic spike, typically in the direction of the dominant short-term trend, which is bullish for PEPE. According to the RSI reading of 62, PEPE has more breathing room for a rally because there is still plenty of room to run before overbought conditions even arise.
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Following the $0.000016 psychological mark, the next immediate target is $0.000015 if the current support level around $0.0000135 holds. Beyond that, a push to $0.000018-$0.000020 is not out of the question if the moving averages coincide completely and volume increases even more.
One of the few exceptions exhibiting true strength and breakout potential on a market still dominated by Bitcoin’s gravity is PEPE. PEPE may be the one to watch for significant gains in the upcoming weeks due to the convergence of EMAs and a solid price floor. Keep in mind that Pepe might make its biggest move yet.