Pepe Price Trend Gains Bullish Momentum With a Wedge Breakout

The meme coin is aiming for a bullish recovery as the market remains mildly optimistic for a potential bounce-back. PEPE's uptrend could reclaim the $0.000010 psychological mark

The meme coin is aiming for a bullish recovery as the market remains mildly optimistic for a potential bounce-back. PEPE’s uptrend could reclaim the $0.000010 psychological mark with a falling wedge breakout rally gaining momentum.

However, the intraday pullback at a crucial dynamic resistance comes as a strong resistance. Will Pepe continue a sustained recovery to reach the psychological milestone?

Pepe Price Down 4% As It Struggles To Break Through 20-day EMA In Dynamic Recovery

In the daily chart, the PEPE price action reveals a bounce back from a local support trendline, plotting a recovery. The bullish reversal has breached the overhead resistance trendline by avoiding a retest of the $0.0000050 psychological mark.

This marks a bullish breakout of a falling wedge pattern. With a post-retest reversal, PEPE formed a bullish candle of a 12% surge on Monday. This marked a strong bullish start to the week and a post-retest reversal.

However, the breakout rally in PEPE struggles to overcome the 20-day EMA line. With an intraday pullback of 4%, PEPE currently trades at $0.0000070.

Despite the short-term struggle, the moving average convergence-divergence momentum indicator reveals a positive trend in the MACD and signal lines. The rising bullish histograms signal a potential recovery as the average lines trend closer to the positive territory.

However, due to the prevailing downfall, the 20-, 50-, 100- and 200-day EMA lines have gained bearish alignment. Hence, the dynamic average lines could act as resistances along the recovery.

Based on the Fibonacci levels, the breakout rally in PEPE could reach the 23.60% level at $0.00001025. This marks an upside potential of nearly 45% from the current market price.

On the flip side, the crucial support remains at $0.0000060 and $0.0000050 psychological mark.

Pepe Analysis: Is A Head And Shoulders Pattern Setting Up For A 50% Gain?

Amid the recent recovery, crypto analyst Ali Martinez is signaling strong bullish potential for Pepe. According to the analyst, the meme coin is setting up for an inverted head and shoulders pattern.

The neckline of the inverted head-and-shoulders pattern comes in around $0.0000075. Additionally, the right shoulder of this pattern suggests the formation of a double bottom, with a baseline at $0.0000065.

The neckline of the double bottom coincides with the larger inverted head-and-shoulders pattern. As a result, an hourly close above $0.0000075 could lead to a breakout from the pattern.

According to the analyst, the breakout could propel Pepe toward the psychological level of $0.0000105. This represents a potential gain of about 50% from current price levels.