Is PEPE Ready For A Breakout Rally To Jump 20% This Month?PEPE coin has experienced a sharp recovery of 4.70% in the last 24 hours, reclaiming its spot as one of the top-performing cryptos.
The coin is currently ranked as the third biggest meme coin by market cap.
The PEPE coin price is forming a double bottom pattern, finding support at the 61.80% Fibonacci level.
Despite the recovery, the coin faces strong resistance from a trendline, resulting in a significant 24% price drop in the last three weeks.
The RSI indicator shows a bullish divergence, suggesting a potential reversal in the meme coin's price action.
A breakout above the resistance trendline and the 50% Fibonacci level could drive the coin's price up by 20% to reach the 23.60% Fibonacci level.
On the other hand, a further decline could break down the 61.80% Fibonacci level, leading to a 15% drop and testing the 78.60% Fibonacci level at $0.0000010.