Pepe Coin price shows signs of potential rebound after a month-long downtrend

Pepe Coin is showing signs of a potential rebound, after a month-long downtrend and a week-long consolidation with intermittent spikes. 

Pepe Coin (PEPE) might be set for a recovery, as the TD Sequential indicator is showing a buy signal on its weekly chart, according to a recent X post by technical and on-chain crypto analyst Ali Martinez. 

In addition to the TD Sequential indicator signaling buy signals, PEPE is displaying other signs of a potential rebound. Its market capitalization has risen by approximately 2% to $4.12 billion in the last 24 hours, indicating renewed investor interest. Furthermore, the 24-hour trading volume has surged by 21.67%, reaching $975.99 million, suggesting that traders are entering the market.

Other analysts are also signaling a potential rebound for PEPE. CryptoELITES recently shared a chart highlighting that PEPE’s price is moving within an ascending channel, following a parabolic trajectory. After a recent pullback, it appears to have found support at the 0.786 Fibonacci retracement level, priced at 0.00008392 USDT. This suggests the possibility of continued upward momentum. The analyst has set a short-term target of an 8X price hike.

As PEPE seems to be gearing up for a major price surge, it’s worth noting that 37% of the total supply is currently being controlled by the top 10 wallets, according to Etherscan. The largest wallet alone holds 13% of the supply. This indicates a degree of centralization, meaning a small group of holders has significant influence over the token’s market.