- PEPE, a popular meme coin, is showing signs of a potential breakout, following a bullish pattern on its chart.
- The coin’s price has increased by over 3% in the past week, and it may face resistance at $0.0000092 before retesting its all-time high (ATH).
- Several metrics suggest a successful breakout, but some indicators hint at a possible restriction.
PEPE, a meme coin, is on the verge of a breakout, following a bullish pattern. The coin’s price has seen a 3% increase in the past week, and it may face resistance before retesting its ATH.
PEPE’s Bullish Trajectory
PEPE is fast approaching its ATH, with a bullish pattern forming on its chart. The meme coin’s price has increased by over 3% in the past week, and it is currently trading at $0.000008732 with a market capitalization of over $3.67 billion. The coin’s price has started to consolidate inside the bull pattern since the 1st of April, and it is on the verge of breaking out of the pattern.
Indicators Pointing Towards a Breakout
Several metrics suggest a successful breakout for PEPE. The coin’s price remains above its 20-day Exponential Moving Average (EMA), and the Relative Strength Index (RSI) also shows an uptick, hinting at a continued price increase. However, some indicators suggest otherwise. The Chaikin Money Flow (CMF) shows a sharp decline, and the Money Flow Index (MFI) also went down slightly, which might restrict PEPE from breaking above the pattern.
Metrics Analysis
Analysis of Santiment’s data shows that PEPE’s MVRV ratio remained positive last week, with a value of nearly 15%. However, the meme coin’s open interest dropped. Additionally, sentiment around PEPE started to turn bearish, as evident from the decline in its Weighted Sentiment.
Potential Roadblocks Ahead
Analysis of Hyblock Capital’s data reveals potential roadblocks for PEPE ahead of its ATH. PEPE’s liquidation would rise sharply near $0.0000092. A rise in liquidation often results in a price correction, making it crucial for the meme coin to go above that level in order to test its ATH and possibly go above it.
Conclusion
In conclusion, PEPE is showing signs of a potential breakout, with a bullish pattern on its chart. However, it may face resistance at $0.0000092 before retesting its ATH. While several metrics suggest a successful breakout, some indicators hint at a possible restriction. Investors should keep a close eye on these developments.
