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25 April 2024
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Can Pepe Coin Price Hit $0.00001 Ahead Of Bitcoin Halving?

The meme coin sector tumbled the most as Bitcoin corrected from last week’s highs above $70,000. Tokens like PEPE, WIF, and BONK slashed gains made in March by considerable margins. With the outlook of the crypto market still bearish, Pepe Coin price has an uphill battle to keep declines at bay and nurture an uptrend, especially now that the Bitcoin halving is in a week.

Pepe Coin Price Prediction As 200-day EMA Holds As Support

Pepe Coin price is attempting a recovery following a 24% correction from its recent peak of $0.000009. The 200-day Exponential Moving Average (EMA) (the line in purple) serves as the meme coin’s immediate support backing a potential trend reversal.

Pepe coin price chart | Tradingview 
Pepe coin price chart | Tradingview

The token’s position under the previous day’s open implies that sellers are still at play and may continue to influence the outlook of the market. Similarly, the death cross pattern formed after the 20-day EMA (line in blue) dropped below the 50-day EMA is another significant bearish signal likely to keep PEPE suppressed.

If Pepe coin fails to uphold its position above the 200-day EMA support, traders may want to prepare for another round of declines into the grey band where the meme coin will collect fresh liquidity ahead for the next recovery attempt.

The sell signal presented by the Moving Average Convergence Divergence (MACD) indicator reinforces the bearish grip. However, a call to buy PEPE will manifest with the blue MACD line crossing above the red signal line. To validate the new trend, this indicator is expected to sustain an uptrend with green histograms emerging above the neutral area.

Some traders may choose to remain conservative until Pepe Coin price has validated the uptrend above the descending trendline resistance, as shown on the chart.

Movement above the resistance at $0.000009 would also call on more buyers to book positions in PEPE before the Bitcoin halving.

Bitcoin halving will take place in about eight days, according to the CoinGape countdown. This event sees to it that miner rewards are slashed by half to control inflation.

In the process, supply tends to shrink, and with demand remaining the same or increasing, especially due to the Bitcoin ETFs, a parabolic rally could erupt, propelling BTC price to new record highs.

Altcoins like PEPE are also poised to benefit immensely from the market sentiment after halving. If Bitcoin rallies exponentially, prices across the market will also move in tandem and even achieve new all-time highs as the year progresses.

The post Can Pepe Coin Price Hit $0.00001 Ahead Of Bitcoin Halving? appeared first on CoinGape.

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