PEPE Chart Heats Up: Crypto Analyst Calls It One Of The Most Attractive
Cold Blooded Shiller (@ColdBloodShill), a well-known figure in the crypto analysis community, recently shared a technical analysis of the PEPE/USDT pair on Binance, marking it as one of the most promising charts in the current market landscape. With his analysis, posted to his 272,000 followers on X, he describes the potential movements of PEPE, both bullish and bearish, as it approaches a critical juncture on its trading chart.
Why PEPE Is One Of The Most Attractive Cryptos Right Now
The chart, set on a four-hour time frame, details PEPEs price action and its interaction with significant technical levels. A key focal point of Shillers analysis is the resistance-turned-support zone between approximately $0.0000063 and $0.0000062. This level, highlighted in green, previously acted as a strong resistance zone, and its conversion to support suggests a foundational shift in market sentiment towards PEPE.
Moreover, PEPE is currently approaching a crucial resistance marked by a descending trend line in red, indicating a potential breakout point. However, Shiller cautiously notes that while the asset is on the verge of breaking this downtrend, theres a risk of what he terms a fakeout. This scenario could see the price initially breaking above the trend line only to retract back below it, potentially leading to a decline of about 13% towards the established support zone at $0.0047423.
Should this support hold against market volatilitya common challenge in the crypto trading sphereit may serve as a springboard for PEPE. Shiller speculates a possible rally that could result in a 47.47% increase from the support level, targeting an upper price level of $0.000011. Such a movement would not only confirm the strength of the current support but also signify a strong bullish market phase for PEPE.
The analysis also pays close attention to the Relative Strength Index (RSI) hovering near the 50 mark, a neutral territory that indicates the asset is neither overbought nor oversold. This positioning suggests the potential for significant price movement in either direction, emphasizing the importance of the upcoming potential breakout or fakeout scenario.
Cold Blooded Shillers analysis concludes with a nod towards taking a chance on PEPE if it begins to show signs of a firm breakout. His detailed observation and the technical markers he highlights suggest that, despite potential risks, the reward could indeed be substantial should favorable conditions prevail.
PEPE [is] one of the sexiest looking charts out there right now. Consolidating above its former significant level. Does it have the chance for lower and some fuckery with a fakeout? Yes. Is it worth the opportunity shot if it starts to breakout? Absolutely yes, he stated.
At press time, PEPE was trading at $0.000006976. Thus, the meme coin is approaching the 200-EMA at $0.000006677. If this support does not hold, a retest of the red support zone seems plausible.
Featured image from Shutterstock, chart from TradingView.com
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Source: NewsBTC.com
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