As the market manages to regain bullish momentum, meme coins like the PEPE coin price capitalize on short bullish spurges. Maintaining the overall downtrend in a falling channel, the PEPE coin is attempting to start a recovery rally to change the overall trend.
Moreover, with recent improving conditions, PEPE coin price prediction has turned optimistic for the coming year.
Despite trading at a sharp discount of 85% from its all-time high of $0.0000044867, the meme coin finds a new reversal spot. Bouncing back from the support trendline and taking a second reversal at $0.00000006028, the PEPE price action teases a double bottom reversal.
Overall, the PEPE coin maintains a falling channel pattern and finds a solid footing at the $0.0000006028 mark. With an overnight growth of 3.35%, the chances of a new bull cycle have increased drastically.
Additionally, the recent surge in Bitcoin has improved sentiment for altcoins, giving the trend a bullish tone. This increases the possibility of a reversal to reach the overhead resistance trendline.
Currently, the PEPE coin price trades at $0.0000006468 with minimal intraday move.
Technical indicators:
EMA: In the daily chart, the 50-day EMA forms and keeps a declining trend in motion.
RSI: The daily RSI line resurges before reaching the oversold zone and aims to reach the halfway line. This reversal signifies a potential bullish comeback.
If the overall market conditions improve in October, meme coins like PEPE coin will see more positive price movements. The ongoing uptrend is gaining momentum, and the price trend appears to be headed for the $0.0000008960 mark.
Nevertheless, a market-wide correction would impede the positive growth and could result in a drop below $0.0000006028.
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