- Pepe has surged by 41% within a week, starting from a critical support level of $0.000006 and reaching $0.00000818.
- The market correction in mid-March led to a reinforcement of support level at a psychological threshold, with the formation of an ascending trend line.
- Pepe currently trades at $0.00000810, holding a market capitalization of $3.4 billion.
Pepe has surged impressively, witnessing a staggering 41% increase in value over just a week. Beginning its upward trajectory from a pivotal support base at $0.000006, the token swiftly ascended to an impressive $0.00000818.
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Technical scrutiny of the daily trading graph reveals the emergence of an ascending triangle pattern, a renowned harbinger of potential upward mobility. The catalyst for this surge traces back to a notable market correction experienced in mid-March. During this downturn, Pepe’s value momentarily plummeted to a psychologically significant threshold.
Interestingly, this juncture coincided with a 50% Fibonacci retracement level, historically attractive to investors eyeing rebounds. Responding promptly, the market rallied, fortifying the support level and averting further devaluation.
This newfound resilience found additional support in the form of an ascending trend line, setting the stage for a confrontation with the supply zone positioned at $0.00000857. The consistent formation of higher lows hints at an amplification in buying impetus, signaling a plausible continuation of the upward trajectory.
At present, Pepe is trading at $0.00000810, boasting modest intraday profits. With a market capitalization standing at a commendable $3.4 billion, the token secures a stable position among the top 50 cryptocurrencies. The impending resolution of the triangular pattern could potentially pave the way for a breakthrough beyond the $0.00000086 threshold, with prospects of an additional 25% appreciation to attain $0.0000108. Conversely, a breach beneath the lower trend line of the triangle might instigate a notable market correction.
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