Pepepcoin, the frog-themed cryptocurrency, experienced a notable surge in prices during the latter half of June, reaching a monthly high of $0.00000179.
This price rally was fueled by increased volume, indicating strong buying momentum from market participants.
However, the current Pepecoin price is undergoing a post-rally correction, which has the potential to reignite the bullish momentum for another rally.
Analyzing the daily chart, we can observe the formation of a flag pattern within the 4-hour time frame.
A breakout above the upper trendline of this pattern would signal a continuation of the uptrend.
The trading volume for Pepecoin over the past 24 hours is $85.1 million, showing a 71% decrease compared to previous levels.
In the daily chart, the Pepecoin price has displayed alternating green and red candles for over a week, reflecting uncertainty among traders.
However, this pullback is contained within two downward sloping trendlines, suggesting the formation of a flag pattern.
The presence of this bullish continuation pattern implies that the ongoing correction is temporary, and buyers may resume the upward trend once the resistance trendline is broken.
As of now, Pepecoin is trading at $0.00000153, experiencing a 1.92% intraday loss and continuing to decline during the retracement phase.
Potential buyers may consider waiting for a breakout above the resistance trendline, which would provide a strong foundation for prices to reach the highs of $0.00000193 and $0.0000021.
The question remains whether Pepecoin can sustain its position above the $0.0000014 mark.
Flag patterns support the continuation of an established uptrend by offering intermittent pullbacks to recover bullish momentum and present better entry opportunities.
However, if the trendlines of the pattern are breached, Pepecoin’s price may experience an extended correction and potentially drop below the $0.00000140 mark.
Therefore, the support level aligned with the 38.2% Fibonacci retracement level becomes crucial in assisting buyers to break the overhead trendline.
Examining the Vortex Indicator, a VI+ slope above the VI- line indicates a bullish alignment and positive sentiment for further rally.
Additionally, the correction phase sustaining above the 50% Fibonacci retracement level indicates that the overall market trend remains bullish.
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