Pepe Expected To Rally

Pepe Expected To Rally by Adam Rosen last updated on October 21, 2024

Pepe (Pepe) Expected To Rally 29% In Short-Term

PEPE coin recently broke out of a bearish price channel and surged by 12%. However, the altcoin is also going through a corrective pullback and has shed 2.3% of its value since then.

As of Wednesday, the trading price of PEPE is $0.0000121, while the on-chain data shows that the ratio of long-to-short is around 1.66. This is a sign that the PEPE is just going through a temporary pullback, and more rallies are just around the corner.

Pepe Sheds 2.3% During Correction Phase

After breaking out of a descending channel, PEPE gained an impressive 12% upside in just four days. Although the coin has since shed 2.3% of its value, the bullish trend is still intact.

As long as the recent trendline in the PEPE provides support near the $0.0000108 level, there's a good chance that PEPE will retest its 12th June high near $0.0000139. If that's the case, that would be a bullish rally of almost 29%.

bounce in the PEPE can also be confirmed by looking at Awesome Oscillator (AO) and RSI. The AO indicator is above the zero line while the RSI trades above 50, a sign of bullish momentum.

If we look at the IOMAP data of PEPE, it shows that around 8420 addresses have bought 26.14 trillion PEPE tokens at a price of $0.0000110 (average).

It is interesting to note that the price range where these tokens were bought was from $0.000011 to $0.0000120. So once the PEPE price goes back to these levels, it would serve as a key support zone.

Additionally, the above-mentioned zone is also important from a technical analysis point of view, which makes it an interesting development.

However, if the PEPE prices close under $0.0000076 on the D1 chart, it would be a sign that the bullish trend has ended. In that case, the PEPE will crash by almost 21%.

Overall, there's a potential for a 21% crash or around 29% rally in the PEPE depending on how the price action unfolds in the next few days.