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.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
