- Pepe price is on a recovery rally, recording a 25% climb since finding support at $0.0000010271.
- PEPE could rally 30% to $0.0000017601, the target objective of the double bottom, if it manages to complete the cycle.
- The bullish outlook will be invalidated once the altcoin loses the $0.0000010271 support level.
Pepe coin (PEPE) price is trading with a bullish inclination, recording a steady sequence of higher highs since the close of November. If the trajectory sustains, the frog-themed meme coin could soon activate a double bottom pattern with a 30% target objective.
Also Read: Binance to list BONK, will this Solana-based meme coin face same fate as PEPE?
Pepe envisions a double-bottom pattern
Pepe coin (PEPE) price is on an uptrend, up almost 25% since finding support at $0.0000010271 in late November. The uptrend is part of a recovery rally with the price action hinting at a double-bottom pattern. This is a bullish reversal pattern that occurs during a downtrend with the asset’s price hitting two separate lows that lie at approximately the same level.
It signals that the sellers, who were previously in control of the asset’s price action, are losing momentum. The target objective of this pattern is measured from the height of the bottom to the neckline, and then superimposed at the breakout point.
Increased buying pressure could see Pepe price complete the pattern to the neckline at $0.0000013478, providing an entry for the bold longs with a 30% target objective to $0.0000017601. The more conservative longs, on the other hand, could position their take profits at $0.0000016000 psychological level, approximately 20% from the expected breakout point.
PEPE/USDT 1-day chart
On the flip side, early profit-taking, likely from traders that bought PEPE at the bottom could interrupt the climb, sending the price back to the floor. A break and close below the $0.0000010271 would invalidate the bullish thesis.
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