PEPE Price Ticks Up to Crucial Resistance Zone
The price of PEPE has reached $0.00000449 on Binance's 15-minute chart, putting it around the resistance zone between $0.00000445 and $0.00000450. According to CryptoWithGopal, this is due to the formation of an inverted head and shoulders pattern.
The left shoulder is at $0.00000405-$0.00000410, the head at $0.00000400, and the right shoulder at $0.00000410-$0.00000420. The neckline is at $0.00000450, which buyers need to clear for a potential breakout.
The 4-hour chart shows that PEPE has been forming a rising structure through late August and September, but the current price of $0.0000043296 is below the 9 EMA at $0.0000044898. The RSI also points to weaker momentum with a reading of 45.86, below the 50 midpoint.
The next few moves could come down to breaking above or falling below the $0.00000450 neckline. A move above this level would confirm the breakout in the setup, with $0.00000465 as the measured target. On the other hand, a failure to break above and going below the $0.00000410-$0.00000415 right shoulder zone would weaken the entire setup.