Pepe has gained immense attention in recent times after the splendid surge of over 1200% to mark a new ATH at $0.00001725. Unfortunately, this attracted huge bearish activity, which caused the price to drain by over 40% to mark the monthly lows at around $0.00000968. This move may have attracted the required liquidity, which assisted a price growth of about 20% to reach the current levels at around $0.00001175.
Now that the PEPE price has initiated a strong recovery, what are the chances of it achieving a new ATH this month?
The recent recovery has enabled the token to remain within the bullish range as the lower crucial support was defended. Hereafter, the price is expected to initiate a ‘v-shape’ recovery and head strongly towards the north, testing the higher targets. However, the current trade setup suggests the bears have some control over the rally and that they may exert acute pressure in the coming days.
The rebound in the first few days of Q2 initiated strong healing within a rising wedge, resulting in a bearish pullback. However, the price managed to remain within the range as it triggered a rebound from $0.00001, which happens to be one of the most important supports. Besides, the MACD displays a drop in selling pressure as the levels are approaching to materialise a bullish crossover. On the other hand, the drop in volume raises concern as the buying volume of the day is much less than the selling volume of the previous two days.
Until the bears remain passive, the Pepe price is expected to rise and surpass the 0.786 FIB at $0.00001364. After finding a strong base at the average levels of the Bollinger bands, the popular memecoin is expected to head towards its current ATH. However, the resistance at $0.000016 may offer some hindrance and if bulls display some strength, then a new ATH above $0.000018 could be imminent.
However, the bullish trajectory towards the new ATH is still in a premature phase and to validate this upswing, the Pepe price is required to achieve $0.000013 before the end of the week. Failing to do so may initiate bearish opportunities, which may cause the price to remain consolidated for an extended period.
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