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

Table of Contents

Coingape News Media

Other articles published on Aug 7, 2024

Unlock the Future of Gaming and Crypto Investment

SOL whale calls this hybrid exchange token “recession proof” after 200% rally

Will the Fed Let the Markets Drop by 80%?

10 Best Crypto Podcasts to Follow in 2024

Polygon, Solana suffer exodus as investors pour $2m into crypto casino presale

Bithumb Announces Listing of a New Altcoin Backed by Binance! Price experienced a sudden increase!

Join our free newsletter for daily crypto updates!