PEPE Chart Heats Up: Crypto Analyst Calls It One Of The Most Attractive
April 30 2024 - 7:00AM
NEWSBTC
Cold Blooded Shiller (@ColdBloodShill), a well-known figure in the
crypto analysis community, recently shared a technical analysis of
the PEPE/USDT pair on Binance, marking it as one of the most
promising charts in the current market landscape. With his
analysis, posted to his 272,000 followers on X, he describes the
potential movements of PEPE, both bullish and bearish, as it
approaches a critical juncture on its trading chart. Why PEPE Is
One Of The Most Attractive Crypto’s Right Now The chart, set on a
four-hour time frame, details PEPE’s price action and its
interaction with significant technical levels. A key focal point of
Shiller’s analysis is the resistance-turned-support zone between
approximately $0.0000063 and $0.0000062. This level, highlighted in
green, previously acted as a strong resistance zone, and its
conversion to support suggests a foundational shift in market
sentiment towards PEPE. Moreover, PEPE is currently approaching a
crucial resistance marked by a descending trend line in red,
indicating a potential breakout point. However, Shiller cautiously
notes that while the asset is on the verge of breaking this
downtrend, there’s a risk of what he terms a “fakeout.” This
scenario could see the price initially breaking above the trend
line only to retract back below it, potentially leading to a
decline of about 13% towards the established support zone at
$0.0047423. Related Reading: 1,503x Profit: How A Memecoin Trader
Made $13 Million With PEPE Should this support hold against market
volatility—a common challenge in the crypto trading sphere—it may
serve as a springboard for PEPE. Shiller speculates a possible
rally that could result in a 47.47% increase from the support
level, targeting an upper price level of $0.000011. Such a movement
would not only confirm the strength of the current support but also
signify a strong bullish market phase for PEPE. The analysis also
pays close attention to the Relative Strength Index (RSI) hovering
near the 50 mark, a neutral territory that indicates the asset is
neither overbought nor oversold. This positioning suggests the
potential for significant price movement in either direction,
emphasizing the importance of the upcoming potential breakout or
fakeout scenario. Related Reading: 69% Of PEPE Holders Left In
Profits After 26% Plunge Cold Blooded Shiller’s analysis concludes
with a nod towards taking a chance on PEPE if it begins to show
signs of a firm breakout. His detailed observation and the
technical markers he highlights suggest that, despite potential
risks, the reward could indeed be substantial should favorable
conditions prevail. “PEPE [is] one of the sexiest looking charts
out there right now. Consolidating above it’s former significant
level. Does it have the chance for lower and some fuckery with a
fakeout? Yes. Is it worth the opportunity shot if it starts to
breakout? Absolutely yes,” he stated. At press time, PEPE was
trading at $0.000006976. Thus, the meme coin is approaching the
200-EMA at $0.000006677. If this support does not hold, a retest of
the red support zone seems plausible. Featured image from
Shutterstock, chart from TradingView.com
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