During Monday’s trading session, the Pepe coin price saw a 3% drop, retesting the crucial $0.00001 support level. This bearish movement aligned with Bitcoin’s fall below the $65,000 mark, sparking a corrective phase across several major altcoins. Despite this, PEPE is set for a sharp recovery, driven by accumulation and the completion of a bullish pattern.
Can PEPE Coin Price Surge to $0.000015 by October?
Within a month, the PEPE coin price rallied $0.00000633 to $0.0000119— an 89% increase. This bullish reversal managed to reclaim crucial daily EMAs (20, 50, 100, and 200), signaling a positive change in market sentiment.
A deeper analysis of the daily chart shows this reversal breached the resistance trendline of a falling wedge pattern. This chart pattern drove a steady correction within two converging trendlines for four months before offering a breakout.
The post-rally aligned with the late September rally pushed the asset to a $0.0000119 high before reverting to $0.0000108. The coin price is poised for temporary consolidation or pullback to $0.00001 and recuperates the bullish momentum.
The post-breakout rally could bolster the asset for $0.0000135 before surpassing the $0.000015 mark.
According to Santiment data, large wallet holders possessing between 100 million and 1 billion PEPE coins have actively accumulated, pushing their holdings to a staggering 13.51 trillion coins. This significant increase in accumulation suggests that whales are positioning themselves for a potential price surge, indicating growing confidence in future price growth.
Check out the article on top meme coins to buy for a detailed analysis.
PEPE Coin Faces Potential Downturn as 30-Day MVRV Hits 38.7%
The Santiment analytics shows the 30-day MVRV (Market Cap to its Realized Cap) ratio recently spiked to 38.7%, indicating that short-term traders are in profit. Typically, the high value coincides with the market top, and speculative traders commence profit booking,
Thus, if the Pepe coin price breaks below the $0.00001 support, the sellers could accelerate the bearish momentum for the prolonged fall.
Conclusion:
If the PEPE price post-rally correction manages to sustain above the $0.00001 level by mid-October, a recovery toward $0.000015 is likely.
Frequently Asked Questions (FAQs)
If the PEPE price sustains above the $0.00001 support by mid-October, a recovery toward $0.000015 is likely, supported by accumulation and bullish momentum.
The 30-day MVRV ratio spiked to 38.7%, signaling that short-term traders are in profit, which often coincides with a market top and may lead to profit booking by speculative traders
The breakout from a falling wedge pattern and a bullish crossover between the 20- and 100-day EMAs indicate a potential end to the four-month correction
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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