$PEPE
🚨 Pepe Price Surge Targets Cup and Handle Pattern Breakout 🚨
Pepe coin surged 5.28% on May 7, creating a bullish engulfing candle to complete a morning star pattern. This generally relates to a trend reversal, as seen with the intraday recovery of 2.20%. It concludes the declining trend in PEPE that resulted in a streak of seven consecutive bearish candles.
PEPE has surpassed the 23.60% Fibonacci level at $0.00000823 and prepares to challenge the longstanding $0.0000090 resistance. Furthermore, the shift in meme coin’s trend reveals a cup and handle pattern. The reversal in Pepe’s price from $0.00000576 in early April and the recent bounce back complete the pattern. The neckline of the pattern coincides with the $0.0000090 supply zone.
A decisive daily candlestick close above the neckline will confirm the breakout from the cup and handle pattern. This breakout rally could propel PEPE to hit a price target of $0.000001465 (61.80% Fib level). The target is calculated by adding the depth of the cup to the breakout point. This aligns with the hopeful Pepe coin price prediction, anticipating a bullish return of the frog-themed meme coin.
As PEPE floats above $0.0000075, the Supertrend Indicator signals a sustained bullish outlook. Additionally, the MACD and Signal lines hint at a crossover as bullish momentum resurfaces. Hence, the technical indicators support the upside potential in the Pepe price trend.
On the flip side, a failure to exceed the neckline will result in another pullback for the Pepe coin. In such a scenario, the downfall could retest the $0.0000075 mark.