- The double bottom on PEPE is showing a possible bullish reversal.
- According to those who use this strategy, the best moment to enter a trade is when the price hits 0.618 of a Fibonacci level.
- Experts believe PEPE’s price can reach as high as $0.00001872 and $0.00002745.
Recently, the cryptocurrency trading account Rose Premium Signals on X has confirmed that PEPE is experiencing an impressive increase in bullish signals. As noted in the analyst’s outlook for this digital asset this week, PEPE/USDT is forming a “strong double bottom” on its chart, frequently signaling a shift from falling prices toward rising prices.
Key Support for Buyers is Displayed at Fibonacci Retracement levels
Apparently, the trend signals that this meme coin is finding solid backing at a lower price point and may move up next with increased momentum. According to the post, the bullish mood is growing steadily, and the coin is likely to decline a bit ahead of further gains.
Also, traders can find their best chance to enter the market close to the golden zone mark, which is the 0.618 Fibonacci retracement level. This spot is widely expected for price trends to correct temporarily before going upward again.
Experts Expect PEPE’s Accelerated Growth
Two possible prices were considered in this PEPE price analysis. The primary goal is reaching the mid-term target of $0.00001872 and the next ambition is to reach $0.00002745.
Source: X @VipRoseTr
Double bottom formation and the likely area for a pullback, which is making a long position appealing, are clearly shown on the chart.
According to CoinMarketCap data, the price of PEPE has increased by 4.14% in the last day to $0.00001387. This price upward movement follows a 20.66% rise in trading volume within the same period to $1.58 billion.
Meanwhile, a CoinMarketCap profile score of 57% suggests a moderate level of confidence in the meme coin.
Source: CoinMarketCap
