The change in market sentiment helped Pepe’s price bounce back from critical support, starting a good recovery. With the price staying within the bullish range, it could continue to rise and potentially reach new highs above $0.000018.
Pepe recently surged over 1200% to a new all-time high of $0.00001725 but then dropped by 40% to $0.00000968. It has since recovered by 20%, reaching around $0.00001175. With this strong recovery, there is a chance Pepe could reach a new all-time high this month.
Pepe Price Recovers: Will It Achieve New Highs?
The recent recovery has kept the Pepe token within a bullish range by defending the lower crucial support. The price is expected to initiate a ‘v-shape’ recovery, heading strongly towards higher targets. However, the current trade setup indicates that bears still have some control and may exert pressure in the coming days.
In the first few days of Q2, a rebound initiated strong recovery within a rising wedge, leading to a bearish pullback. Despite this, the price managed to stay within range, rebounding from the crucial support level of $0.00001. The MACD shows a decrease in selling pressure, suggesting a potential bullish crossover. However, the drop in volume is a concern, as the buying volume is significantly lower than the selling volume of the previous two days.
Pepe Price Poised for New Highs: Can It Surpass Key Levels?
As long as the bears remain passive, the Pepe price is expected to rise and surpass the 0.786 FIB level at $0.00001364. After establishing a strong base at the average levels of the Bollinger bands, the popular memecoin is anticipated to head towards its current all-time high (ATH). However, resistance at $0.000016 may pose a challenge. If the bulls show sufficient strength, a new ATH above $0.000018 could be imminent.
The bullish trajectory towards the new ATH is still in its early stages. To validate this upswing, the Pepe price needs to reach $0.000013 before the end of the week. Failing to do so could open up bearish opportunities, potentially causing the price to remain consolidated for an extended period.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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