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Cryptocurrency News Articles
PEPE Surges as MarketVector Inclusion Sparks Bullish Run
May 10, 2024 at 05:10 pm
PEPE price has surged over 10% in the past three days, surpassing $0.00000850. A key contracting triangle is forming, with resistance at $0.00000935. If the price remains above the 50-day SMA and $0.00000650, it may continue its upward trend, potentially reaching $0.000010, $0.0000116, and $0.0000132. Conversely, a decline below $0.00000935 could lead to a correction, with support levels at $0.0000080, $0.00000750, $0.00000625, and $0.00000480.
PEPE Price Surges, MarketVector Inclusion Fuels Bullish Momentum
NEW DELHI (CoinChapter.com) — The crypto market has witnessed a notable rally in recent days, with PEPE emerging as a standout performer. The asset's price has experienced a surge of over 10% in the past three days, propelling it to settle comfortably above the $0.00000850 mark.
PEPE's Positive Trajectory
Our previous analysis highlighted PEPE's breakout above a significant bullish flag pattern, signaling a potential upward trend. The bulls have consolidated their gains, driving the price above the $0.0000080 resistance level, propelling it into a positive zone. Notably, PEPE's performance surpassed that of Bitcoin and Ethereum in the preceding 3-4 days.
The asset's steady ascent was punctuated by a high of $0.00000983, followed by a brief downside correction. However, the price remained resilient, dipping below the $0.00000880 level but finding support at the 23.6% Fibonacci retracement level.
Key Support and Resistance Levels
The 50-day simple moving average (SMA), which currently stands at $0.00000750, has served as a reliable anchor for PEPE's price action. Additionally, the 50% Fibonacci retracement level has provided a buffer against downward pressure.
Immediate resistance for PEPE lies near the $0.0000090 zone, while the first major resistance is anticipated at $0.00000930. Notably, a key contracting triangle is forming on the daily chart, with resistance pegged at $0.00000935. A decisive close above this level could pave the way for a surge towards the $0.000010 resistance and potentially the last high of $0.0000116.
MarketVector Inclusion and Bullish Sentiment
Adding further fuel to PEPE's momentum, it was recently recognized as one of the top components in the newly launched MarketVector Memecoin Index by Vaneck. This inclusion signals growing institutional interest in this asset class, providing a further boost to PEPE's bullish prospects.
Potential Downsides and Support
Despite the overall positive outlook, PEPE's price may face resistance near the $0.00000935 level, triggering a potential downside correction. Immediate support can be expected at $0.0000080, followed by the first major support at $0.00000750, coinciding with the 50-day SMA.
A break below the $0.00000750 support level may lead to a test of the triangle region at $0.00000625. Failure to maintain this support could trigger a more substantial decline, potentially pushing the price towards the $0.00000480 support.
Conclusion: PEPE's Promise
综上所述,PEPE price is displaying positive signs above $0.00000750. Sustained trading above the 50-day SMA and the $0.00000650 support level bodes well for its bullish prospects. However, the formation of a contracting triangle on the daily chart and the potential for resistance at $0.00000935 warrant caution.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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