With an inverted head and shoulders pattern signaling a potential bullish flag breakout, could PEPE rise to $0.000030?
Meme coins are poised for a major breakout event as part of a broader market recovery. PEPE is showing signs of breaking out from a long-standing resistance zone on the 4-hour chart.
The underlying potential and price patterns suggest a massive surge of nearly 40%. Let’s take a closer look at PEPE’s price analysis.
PEPE Price Analysis
On the 4-hour chart, PEPE’s price action is currently in a sideways trend, forming a consolidation range. This consolidation began after the bullish attempt to close above $0.00002363 failed.
The failure to sustain the bullish momentum followed a nearly 200% price surge from November 5 to November 14. During this period, the price rose from $0.00000803 to a peak of $0.00002567. As a result, PEPE’s price action is now forming a bullish flag pattern.
The consolidation range is bound by two important price action levels. The support zone is strong at $0.000001775, while the resistance zone is near $0.0000023.
The upper ceiling and lower boundary coincide with the 38.20% Fibonacci and base levels, respectively. Additionally, the shifting dynamics within this consolidation range suggest the formation of an inverted head-and-shoulders pattern.
Supporting the bullish trend, the MACD and signal lines have recently crossed positively, reinforcing the uptrend with an increase in positive histograms. The 4-hour RSI has surpassed the 50-level and remains above the 14-day SMA. Furthermore, the lack of divergence strengthens the chances of a breakout as the price approaches the overbought zone.
PEPE Price Targets $0.000030
The neckline of the inverted head-and-shoulders pattern aligns with the 38.20% Fibonacci level. PEPE’s price action is currently showing a bullish reversal, completing the right shoulder of the pattern.
Additionally, the PEPE market price stands at $0.000002158, surpassing the 23.60% Fibonacci level at $0.000002143. If the uptrend breaks above the overhead resistance, PEPE will likely emerge as one of the top gainers, leading to a high-momentum rally.
The Fibonacci levels suggest potential price targets at the 61.80% and 78.60% levels, priced at $0.000002740 and $0.0000030, respectively. On the downside, the key support zone remains strong at $0.000001755.
