- Amidst a broader bearish context, PEPE coin exhibits a bullish reversal, aiming for a 20% price escalation if the uptrend endures within the established channel.
- Despite the overall negative sentiment, heightened demand and favorable technical indicators are fueling PEPE’s upward momentum, with potential to reach the overhead resistance trendline.
In a market where Bitcoin’s momentum seems to be on a sluggish trail, meme coins like PEPE Coin are catching the eye with short bullish spurts. Although maintaining a broader downtrend, PEPE Coin’s price has sparked interest with its recent bullish reversal from a low of $0.0000006028. This, despite a recent rug pull event that momentarily turned sentiments sour, the demand for PEPE coin has seen a surprising uptick. With these evolving dynamics, a meticulous glance at PEPE Coin’s price forecast is warranted.
Technical Unfolding: Signs of Bullish Resurgence?
On the daily chart, PEPE‘s price trajectory has largely been dominated by a downward motion, plunging 83.69% from its all-time high of $0.0000044867. However, a newfound reversal spot seems to have been found. The meme coin has been adhering to a falling channel pattern, recently finding solid ground at $0.0000006028, which led to a sharp, 17% reversal on September 22, keeping the upward momentum alive.
The recent minor surge in Bitcoin’s value in Asian markets last night reflected positively on PEPE, marking a 5.31% jump and infusing a bullish tone into the ongoing consolidation. This has raised the anticipation of an uptrend strong enough to touch the overhead resistance trendline.
At present, PEPE coin trades at $0.0000007338 with negligible intraday movement. Yet, the daily candle showcases long wick formations, an indication of buyers confronting a hefty overhead supply.
Technical Indicators Bolstering Bullish Hopes
The technical landscape seems to be aligning with the bullish narrative:
- MACD: On the daily chart, a bullish gap between the MACD and signal lines is widening, corroborated by a significant rise in histograms.
- RSI: The daily RSI line has made a strong exit from the oversold territory, advancing towards the halfway mark, signifying a bullish turnaround.
With the unfolding bullish trend, the upcycle’s momentum holds the promise to propel the price towards the $0.0000008960 mark, rendering a 20% up move. However, this projection hinges on favorable market conditions in October; a market-wide correction could halt the positive stride, potentially plunging the price back to $0.0000006028.