Despite trading at a discount of 84% from its all-time high of $0.000004354 just five months back, the PEPE price signals a reversal. Currently sprouting from the base of a falling channel, the frog-themed meme coin signals a potential reversal within the channel.
Starting a positive trend within the bearish pattern will increase the breakout chances for the PEPE coin price.
Crashing under the 50-day EMA, the PEPE price has broken multiple support levels over the past few months. The downtrend accounts for an almost 65% drop within three months to test the $0.0000006028 psychological level.
The downtrend forms a falling channel within the daily chart, with the meme coin trading close to the support trendline. However, the sudden demand inflow at the confluence of $0.00000060 and the baseline hiked the PEPE coin by 17% last Friday.
Will PEPE Price Sustain The Reversal Rally?
In the short-term chart of 4 hours, the PEPE price action displays an end of lower high formations. Giving rise to an upside breakout of a bearish channel, the meme coin price is sustaining above the 50 EMA.
Analyzing the price trend, a habit of moving in a sideways range before giving a decisive move is evident in the chart. The recent bullish breakout ends the streak of consecutive bearish downturns. This anomaly sparks a surge of bullish possibilities.
Moreover, the technical indicators maintain an optimistic viewpoint on the upcoming PEPE price trend.
Technical indicators:
MACD: In the daily chart, the MACD and signal lines gain a bullish gap post-crossover, increasing the chances of an uptrend.
RSI: The daily RSI line resurges from the oversold zone, signifying a bullish comeback for the meme coin.
Considering the uptrend sustains, the PEPE price can reach the $0.00000080 zone. On the flip side, a reversal below $0.0000006028 will prolong the downtrend.
Source: https://coinpedia.org/price-analysis/pepe-price-analysis-is-pepe-leaping-back-to-life/