Don’t let anyone fool you into believing that the PEPE coin price has flipped bearish. Despite this week’s major pullback, the outlook on the memecoin remains positive as the bullish market structure remains intact. Let me clarify this with the help of technical analysis.
PEPE crypto dipped 1.8% on Friday as the Bitcoin price fell below $36,000. The bearish price action in the biggest cryptocurrency sucked the air out of the altcoins which fell to their fresh weekly lows.
However, PEPE still showed a lot of resistance and showed minor losses compared to the other altcoins which dropped more than 5% on the same day. For a better outlook on the popular memecoin, let’s analyze the PEPE coin price chart on a daily timeframe.
The following chart shows price action on the 1D timeframe. It can be seen that PEPE has broken above the key resistance of $0.00000106. As long as it avoids a breakdown below this level, the price prediction will remain bullish.
At the moment, the frog-themed cryptocurrency is trading well above this level.
This post was last modified on Nov 17, 2023, 16:24 GMT 16:24