Pepe (PEPE) forms a double bottom pattern on the 4H chart, testing $0.00001250 resistance for potential bullish continuation.
EMA 9 at $0.00001212 and SMA 50 at $0.00001104 remain critical support levels for trend sustainability.
$PEPE records $834M trading volume in 24h, with -2.91% daily drop but 11.28% weekly gain.
Pepe (PEPE) is testing a crucial price level after completing a double bottom formation on the 4-hour chart. The token’s recent move has positioned it at the $0.00001250 resistance zone, a point that could define its short-term trajectory.
Double Bottom Formation and Resistance Level
A recent analysis from Alpha Crypto Signal on x noted that $PEPE completed a clean double bottom pattern. The trend indicates that there can be a bull run following a prolonged downtrend. The neckline coincides with the horizontal area of resistance at the 0.00001250 level, and approaches that level are currently being tested.
According to the analyst, any successful breakout and retest of this resistance level to serve as support may carry the prices to the levels of $0.00001350 and a potential $0.00001450. This move would align with the ascending trendline visible on the 4-hour chart.
EMA 9 and SMA 50 as Critical Support Levels
At this point, $PEPE is trading marginally above its EMA 9 value of $0.00001212. This short-term moving average is also supported, cementing the bullish formation. It is critical to continue at this level or above to sustain the rate of growth.
But a failure to hold above EMA 9 may jeopardize a break below the compounding trendline. This would change the attention to the SMA 50 at 0.00001104, which was the medium-term support and will be the potential bullish retest zone should buyers re-enter it.
Current Price Performance and Market Context
At the time of writing, Pepe is priced at 0.00001156 trading over a volume of 834,476,809 in the past 24 hours. This is a -2.91 percent error everyday, but a 11.28 percent growth in the last one week.
The healthy participation during uptrend volumes has been indicative of healthy activity in the market. The next critical move will be seen by whether or not $PEPE manages to trade over the $0.00001250 resistance level under bullish pressure in the coming sessions.
