PEPEUSDT was able to break out of a medium-term negative price channel that had formed on its daily chart throughout the past 2 weeks. Following the escape from this channel, the meme coin proceeded to flip the $0.000001284 resistance level into support. As the cryptocurrency continues to trade above this significant level, it may embark on a journey towards the subsequent barrier at $0.000001905. A daily close above this resistance level may clear a path for PEPE to continue climbing towards $0.000003155 in the short term. Technical indicators on the altcoin’s daily chart supported a short-term bullish outlook. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were signaling in favor of the meme coin.
With the MACD line breaking away above the MACD Signal line, traders may see a continuation of PEPE’s positive trend in the next couple of days. In addition to this, the RSI line was positioned well above the RSI Simple Moving Average (SMA) line. This suggested that buyers had a strong advantage against sellers on PEPE’s charts.
This bullish thesis may be invalidated if PEPE is rejected by the $0.000001905 resistance level in the coming few days. Traders and investors will also want to take note of the fact that the RSI was approaching overbought territory. This may be a precursor to a brief correction.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.