PEPE Coin Eyes New Record High as Ascending Triangle Pattern Emerges

Over the past two weeks, PEPE, the Frog-themed memecoin is wavering sideways struggling to sustain above the $0.0000086 resistance. Such similar consolidation in most major altcoins follows the lead of Bitcoin price fluctuation around $70000. However, the pre-having consolidation likely influences this behavior, allowing the BTC price to stabilize as the event heightens volatility. Will the PEPE price surpass this uncertainty to regain the $0.00001 mark?

Also Read: Pepe Price Forecast: Is $0.0001 Imminent Following Whale Signals and Positive Momentum?

Ascending Triangle Pattern Signals Further Gains Ahead

On March 19th, the Pepe coin price rebounded from its correction from the combined support of 50% retracement and $0.00000582 support. The reversal uplifted the meme coin value by 47% in the last two weeks to challenge the horizontal resistance of $0.0000086.

Amid the current market consolidation, the PEPE price showcased several failed attempts to surpass the overhead barrier evidenced by the long-wick rejection candle. Despite the overhead supply, the coin price develops a well-known bullish continuation pattern called an ascending triangle.

The higher low formation in this structure indicates the buyers are gradually strengthening their grip over this asset, promoting a decisive breakout from key neckline resistance. With an intraday gain of 8%, the PEPE price breaks above the $0.0000086 barrier and currently trades at $0.0000088. 

Sustaining this breakout will accelerate the bullish momentum and set the Pepe price on a 22% surge to rechallenge the $0.0000108. A break above this barrier will get better confirmation of continued recovery.

On a contrary note, the ascending trendline of the triangle pattern is intact and may act as dynamic support for the current recovery. However, losing this support may bring a notable correction in this asset.

Technical Indicator

• BB Indicator: The expansion of the Bollinger Band indicator indicates the short-term trend is entering momentum, a suitable opportunity for breakout buyers.
• Relative Strength Index: The daily RSI slope above 60% highlighted a bullish sentiment among market participants.