Pepecoin is showing signs of a significant uptrend as the formation of a notable inverted head and shoulder pattern on the 4-hour chart points towards higher highs in the price movement. The inverted head and shoulder pattern is a reliable indicator for bullish reversal. It is characterized by a high-volumes sell-off creating the left shoulder, followed by a pullback(head) retesting the previous lows. After that, the buyers step-in and push the price up creating the right shoulder, and finally, a neckline breakout takes place after which a strong uptrend starts. The Pepe coin has been following this trend as the day started with a price supported at the $0.0000011 mark and quickly rose to challenge the $0.000002 mark where it was observed oscillating around the same price.

The coin trades at $0.00000191 and is currently forming the right shoulder of the pattern, the last pullback before a major rally. If the bull trend continues, the PEPE price is likely to challenge the neckline resistance in the very near future and could rise up to 50%. Additionally, the Relative Strength Index, RSI, and Bollinger Bands are both pushing the coin up offering additional confirmation for further buying. As a result, traders looking to get long may wait for a breakout and candle closing above the neckline to enter the market. Should the breakout fail, the bearish scenario could potentially kick in and push the price down again denying the formation of a new higher highs and higher lows rally.



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