Pepe price primed for 25% rally as PEPE bulls ignore Friday’s correction

Pepe price holds up well despite the recent market correction, showcasing strength.
Investors can expect PEPE to climb 25% and tag $0.0108.
A breakdown of the recently created low of $0.00760 will invalidate the bullish thesis.

Pepe (PEPE) price shows no signs of slowing down despite the May 10 selling pressure spike noted across the crypto market. With Bitcoin (BTC) down roughly 4% many altcoins saw double digit drops, but PEPE meme coin did not budge.

Also read: Pepe whales buying spree could trigger 55% rally

Pepe price continues to climb

Pepe price action looks better than most altcoins as it is on track to clearing the local top formed on March 14. Despite being in a rangebound movement, PEPE has shot up 134% in under a month and continues to show promise of a further ascent.

Pepe price is currently trading inside the $0.00581 to $0.0108 range and has recently recovered above the range’s midpoint of $0.00835. This move, in particular, spells bullishness for holders as the recovery was coupled with the daily Relative Strength Index (RSI) and Awesome Oscillator (AO) climbing above their respective mean levels of 50 and 0, respectively. This move clearly indicates that the bullish momentum is in control and rising.

Therefore, if the crypto market outlook does not worsen, Pepe price has a better chance of outperforming the market. PEPE could bounce off the $0.00835 and tag the range high of $0.0108, constituting a 25% rally.

PEPE/USDT 1-day chart

On the contrary, if Pepe price breaches the May 8 swing low of $0.00760 by producing a daily candlestick close below it, that signal a breach of the bullish market structure. This development would create a lower low and invalidate the bullish thesis for PEPE.

If panicking holders offload their PEPE tokens, then Pepe price could crash nearly 25% and tag teh range low of $0.00581.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.