bullish

Pepe

Pepe price is among the few tokens on the crypto market sporting potential bullish reversal signs. Most crypto assets show small rallies following Bitcoin’s recovery, but only a few truly show hope for a reversal, and Pepe is one of them. Pepe sports a bullish chart pattern on the daily timeframe that could propel the asset by 36% in the short term. On-chain metrics also hint at a possible trend turnaround should Bitcoin recovery continue. 
<h2 id="pepe-price-eyes-full-recovery">Pepe Price Eyes Full Recovery</h2> 
The <a href="https://coingape.com/price/pepe/">price of Pepe</a> is trending bearish within a falling wedge pattern, which often indicates a potential reversal. The 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">exponential moving average</a> (EMA) at $0.00001056 and the 200-day EMA at 0.00000845 are trending above the current price, confirming the downward trend. 
Pepe has a temporary support level at $0.0000075, just above the recent lows. On the other hand, immediate resistance exists around $0.00000845 (200-day EMA), followed by the upper boundary of the wedge at around $0.0000095. If bulls prevail, Pepe price may surge 36% from the current level to the top of the falling wedge. 
The <a href="https://coingape.com/glossary/rsi-relative-strength-index/">relative strength index</a> (RSI) is at 36.74, indicating it is close to oversold territory, suggesting a potential for a price bounce. The Chaikin Money Flow (CMF) is at -0.05, showing some selling pressure but not overly strong. 
The price movement within the falling wedge pattern suggests a corrective wave. The recent bounce from the lower boundary could indicate the end of a corrective wave. 
<figure id="attachment_211346" aria-describedby="caption-attachment-211346" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-211346" src="https://coingape.com/wp-content/uploads/2024/08/Pepe-price-chart.jpeg" alt="Pepe Price" width="1280" height="538" srcset="https://coingape.com/wp-content/uploads/2024/08/Pepe-price-chart.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/Pepe-price-chart-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/Pepe-price-chart-1224x514.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/Pepe-price-chart-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/Pepe-price-chart-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
 <figcaption id="caption-attachment-211346" class="wp-caption-text">
 Pepe Price Chart
 </figcaption>
</figure> 
If Pepe rallies 36% and closes above the 50-day EMA, it will signal an increase in market strength. Price may break above the falling wedge and extend gains by 48% back to the previous ATH price. 
Overall, the falling wedge pattern suggests a potential reversal, especially in the event of increased volume. 
<h2 id="on-chain-metrics-support-rebound">On-Chain Metrics Support Rebound</h2> 
On-chain data from <a rel="nofollow" href="https://coinalyze.net/1000pepe/open-interest/">Coinalyze</a> shows that Pepe open interest (OI) increased by 9.6% in the last 24 hours. Coupled with rising prices, this signals a bullish sentiment for the Pepe price. 
<img decoding="async" class="aligncenter size-full wp-image-211350" src="https://coingape.com/wp-content/uploads/2024/08/Pepe-Open-Interest.jpeg" alt="Pepe Open Interest" width="1280" height="224" srcset="https://coingape.com/wp-content/uploads/2024/08/Pepe-Open-Interest.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/Pepe-Open-Interest-300x53.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/Pepe-Open-Interest-1224x214.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/Pepe-Open-Interest-768x134.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/Pepe-Open-Interest-150x26.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px"> 
Following the August 5 market crash, there was a spike in large transaction volume on Pepe, signaling an uptick in whale activity, potentially scooping up tokens at a discount. This whale activity was the largest in the last month. 
<img decoding="async" class="aligncenter size-full wp-image-211351" src="https://coingape.com/wp-content/uploads/2024/08/pepe-itb.jpeg" alt="pepe itb" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/08/pepe-itb.jpeg 1200w, https://coingape.com/wp-content/uploads/2024/08/pepe-itb-300x200.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/pepe-itb-768x512.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/pepe-itb-150x100.jpeg 150w, https://coingape.com/wp-content/uploads/2024/08/pepe-itb-272x182.jpeg 272w" sizes="(max-width: 1200px) 100vw, 1200px"> 
Since the market recovery began on August 6, the majority of Pepe holders have shifted back into profits. <a rel="nofollow" href="https://app.intotheblock.com/coin/PEPE/deep-dive?group=all&amp;chart=all/">IntoTheBlock</a> data shows that 57.8% of holders are in profit.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-211352" src="https://coingape.com/wp-content/uploads/2024/08/Pepe-coin-IOMAP.jpeg" alt="Pepe coin IOMAP" width="1280" height="381" srcset="https://coingape.com/wp-content/uploads/2024/08/Pepe-coin-IOMAP.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/08/Pepe-coin-IOMAP-300x89.jpeg 300w, https://coingape.com/wp-content/uploads/2024/08/Pepe-coin-IOMAP-1224x364.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/08/Pepe-coin-IOMAP-768x229.jpeg 768w, https://coingape.com/wp-content/uploads/2024/08/Pepe-coin-IOMAP-150x45.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px"> 
Additionally, if Pepe price rises and breaks above the 50-day EMA ($0.00001177), 122.12 trillion Pepe tokens currently underwater will shift to profitability. 
The post <a href="https://coingape.com/markets/pepe-price-poised-for-36-rally-can-it-capitalize-on-market-rebound/">Pepe Price Poised for 36% Rally, Can It Capitalize on Market Rebound</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Pepe Price Poised for 36% Rally, Can It Capitalize on Market Rebound

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