2024-11-18 00:00 |
PEPE is drawing attention due to its bullish chart pattern and price movements. Analyst Mihir revealed on X (formerly Twitter) that a “lovely W-shape pattern” has been formed on the charts and emphasized a local resistance line that the price is approaching. This pattern, along with key support levels, suggests the potential for a breakout, possibly leading to upward momentum.
PEPE Chart Analysis: W-Shape Pattern Suggests Bullish ReversalThe chart presented by Mihir features a W-shape pattern, also known as a double-bottom formation. This structure often indicates a potential bullish reversal when accompanied by significant resistance clearance.
Currently, PEPE’s price is nearing a local resistance zone marked by an orange trendline, identified at approximately 0.00002200. This level has held back upward price movement so far, but a breakout above it could confirm the bullish pattern. Such a move would likely push PEPE’s price towards the range of 0.00002400 to 0.00002600, depending on the height of the W pattern.
Image Source: X/Mihir Support and Momentum IndicatorsBelow the W-pattern, strong support has been observed near the 0.00002100 price level. This zone has been tested multiple times, confirming buyer interest and defending against downward movements. The formation of higher lows further suggests accumulating strength in the token’s price action.
Volume dynamics, while not directly visible in the provided chart, play a vital role in confirming breakouts. Traders often watch for increased volume to validate upward momentum once resistance levels are breached.
Moreover, Mihir’s tweet emphasized the role of the orange resistance line in PEPE’s potential upward move. The tweet suggests that clearing this resistance could lead to substantial price momentum, aligning with the chart’s bullish outlook.
The sentiment shared by the analyst highlights confidence in the W-pattern’s ability to push PEPE’s price higher if the breakout materializes. For traders, the upcoming test of the resistance level will be pivotal in determining short-term price movements.
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The post Is PEPE Price About to Explode? This Pattern Hints at Massive Breakout! appeared first on CaptainAltcoin.
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