A 60% rally may result from $PEPE whale purchases.
Pepe price retests a sliding resistance level, suggesting a rebound.
Successful breakouts may lead to a 56% upward advance as whales accumulate on dips.
The meme coin bullish thesis will be invalidated if $0.00000581 support breaks.
Pepe's (PEPE) recent price movement shows consolidation is ending, but a breakthrough confirmation is needed before PEPE rises. The optimistic prognosis is encouraging, but investors should evaluate many factors before buying this meme coin on the dips.
Pepe Price predicts a comeback
Pepe price has traded between $0.00000581 and $0.0000109 for seven weeks. This consolidation caused a range-low deviation and a swift recovery above it. Investors can expect a retest of the recently flipped range low to help launch the next leg up.
Pepe price has been above the $0.00000581 range low, indicating a premature purchasing pressure rise. If positive momentum continues, PEPE may retest and break the declining resistance level connecting the lower highs since March 14. This would confirm breakout and start a Pepe price rise to $0.00000835, the range's midpoint.
The buying surge might push Pepe price to $0.0000109, a 56% gain. PEPE may exceed the range high and reach a new yearly high if the range high deviation occurs.
The 30-day MVRV of 4.86% indicates that PEPE investors made 4.86% on average last month. This neutral number improved from -28.97% on April 13, when short-term buyers were underwater. Long-term or value investors buy altcoins sold at a discount by underwater short-term investors.
Since PEPE has risen roughly 40% since the April 13 fall, long-term investors have filled their bags.
Overall, Pepe pricing looks bullish, but Bitcoin must support the bullish agenda. However, if PEPE breaks the $0.00000581 support level, it would produce a lower low and favor bears, invalidating the bullish argument for Pepe price.
#PEPE might collapse 15% and retest the $0.00000490 support level or retest the $0.00000381 swing low from April 13 with a severe correction.
