As Bitcoin struggles to regain momentum, meme coins like the PEPE coin capitalize on short bullish spurges. Maintaining the overall downtrend, the PEPE coin price is now making news with the recent bullish reversal from $0.0000006028.
Moreover, despite the recently overturned sentiments with the rug pull event, PEPE coin demand has increased miraculously. With such improving conditions, let us have a technical look at the PEPE coin price prediction.
In the 1 day chart, the downtrend motion dominates most of the PEPE coin price trend in the long run. However, after falling 83.69% from its all-time high of $0.0000044867, the meme coin finds a new reversal spot.
In the recent price trend, the PEPE coin maintains a falling channel pattern and finds a solid footing at the $0.0000006028 mark. Leading to a sharp reversal with a 17% on 22nd September, the coin price manages to keep the upflow.
With the recent surge in Bitcoin last night in Asian Markets, the meme coin jumps by 5.31% and puts a bullish note into the consolidation. This increases the possibility of an uptrend to reach the overhead resistance trendline.
Currently, the PEPE coin price trades at $0.0000007338 with minimal intraday move. However, the long wick formations are evident in the daily candle. This reflects the buyers’ facing against a strong overhead supply.
With the improving price trend, the technical indicators are projecting a longer bullish trend.
Technical indicators:
MACD: In the daily chart, the MACD and signal lines gain a bullish gap with a significant rise in histograms.
RSI: The daily RSI line resurges from the oversold zone to reach the halfway line, signifying a bullish comeback.
Considering the overall market conditions improve in October, meme coins like the PEPE coin will experience more positive moves. With the ongoing upcycle gaining momentum, the price trend seems set to achieve the $0.0000008960 mark.
However, a market-wide correction will hamper the positive growth and might result in a drop to $0.0000006028.
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