- PEPE is charting a differing growth curve from the broader bearish market outlook.
- On-chain data and expert optimism suggests a 20% near-term surge is imminent.
Amidst a broad crypto market downtrend that has seen Bitcoin (BTC) and other coins struggle to break through crucial resistance levels, memecoins like Pepe (PEPE) are on a positive momentum. The frog-themed token is up by 3.80% in the past 24 hours and is currently trading at a spot price of $0.0000007259.
This growth was recorded after the memecoin made a comeback from an earlier low that saw its price trade at $0.0000006028 on spot exchanges. Notably, the recent bullish development is a miraculous revival from the overturned sentiments that were triggered by a recent rug pull event that was witnessed in the PEPE ecosystem.
A look through the 1D chart shows that the ongoing downward motion dominates a significant percentage of PEPE’s price trend in the long run. The memecoin has had a steep fall of about 83.69% from its All-Time-High (ATH) of $0.0000044867. However, at the moment, it has discovered a new reversal point it is now capitalizing on. Precisely, Pepecoin is stealthily maintaining a falling channel pattern and it has found a solid footing at the $0.0000006028 mark.
So far, the token has managed to keep the flow even with a 17% sharp decline on September 22. The short-term performances of PEPE appear to be mimicking that of Bitcoin (BTC), the industry’s premier digital currency.
For the first time since the beginning of September, BTC surged quickly to $27,000 on Wednesday. While this was short-lived as the price of Bitcoin is now at $26,400, PEPE also jumped by about 5.31% and this puts a bullish note into the broader ongoing consolidation.
Can PEPE See a 20% Price Surge?
At the moment, some technical indicators are projecting a more bullish trend for PEPE. The Moving Average Convergence Divergence (MACD) and signal lines gain a bullish gap with a significant rise in histograms, according to the daily chart.
The daily Relative Strength Index (RSI) equally soured from the oversold zone to reach the halfway line, signifying a bullish comeback.
If this positive trend is sustained till October and the overall market condition improves, there is a strong possibility that PEPE will see a more positive move, charging it upwards by about 20% in the near term.
With the current surge, it is already looking like the coin may achieve the $0.0000008960 mark in the next couple of days. However, the emergence of a market-wide correction can hinder this possibility and cause the price of PEPE to fall back to $0.0000006028.
The latest uptrend further underscores the predicted wins by some analysts who are optimistic about PEPE. Two days ago, Altcoin Sherpa told his 196,400 followers on the X app how he strongly believes that PEPE is poised for an upside breakthrough in the long term. He highlighted three significant resistance areas with the first one crossed already. The next resistance level is expected between the price range of $0.00000078 to $0.000000820.
The recent price movement of PEPE suggests that investor interest in this frog-themed memecoin may be on the rise, adding an optimistic view to the token overall.
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