Bullish Pattern Signals 38% Rally Ahead

Pepe Coin Price Prediction: As the crypto market shows signs of recovery, the Pepe price has staged an impressive comeback, bouncing off its monthly support level at $0.0000006. Over a four-day bullish streak, the memecoin has posted a 21% gain, pushing its current trading value to $0.00000074. Daily charts reveal that this uptick aligns with a technical formation known as a “double bottom,” suggesting a potential trend reversal.

Also Read: BTC Price Facing Rejection At $31,000 Amid Bearish Shorts, What’s Next?

Bullist Pattern Sets PEPE Price to Extend Recovery

• The $0.0000006 level stands at a strong accumulation zone for crypto buyers
• A bullish break from the $0.00000085 barrier would accelerate the buying momentum
• The 24-hour trading volume in the Pepe coin is $131 Million, indicating a 52% gain.

Source- Tradingview

The prior downtrend in Pepe coin price had stalled, finding solid footing at the psychological support level of $0.0000006. If buyers continue to hold this line, we could be witnessing an accumulation phase that favors long-term investors. 

Adding credence to this outlook is the formation of a double bottom pattern—often observed at market lows—which hints at a nascent bullish trajectory. On October 22nd, the buyers successfully overcame a minor resistance level at $0.00000072, setting the stage for an extended recovery rally and the completion of this reversal pattern.

Should buying pressure persist, the Pepe price could surge an additional 15% to challenge the $0.00000085 resistance level. A breakout above this threshold would serve as a robust indicator of a sustained recovery, potentially catapulting the coin’s value to the $0.00000103 mark

PEPE vs DOGE vs SHIB Performance

Source: Coingape| Pepecoin Vs Dogecoin Vs Shiba Inu Price

Comparatively, the Pepe coin has underperformed against its dog-themed memecoin counterparts like Dogecoin and Shiba Inu over the last six months. Currently, all three coins are navigating lateral trends as they look to maintain support levels and reignite bullish momentum. Yet, the emergence of this bullish reversal pattern in Pepe coin offers a prime opportunity for the asset to initiate a recovery rally

• Moving Average Convergence Divergence: A bullish crossover state between the MACD(blue) and signal(orange) accentuates a recovery trend in this coin
• Exponential Moving Average: The recently reclaimed 20-day EMA slope can offer additional support to buyers.