The price of $PEPE has managed to stabilize above the 50% Fibonacci retracement level on this retracement, indicating that buyers are making a healthy correction to regain strength. Moreover, the decline in PEPE price is strictly resonating within two downward sloping trendlines, indicating the formation of a flag pattern.

Bullish continuations usually occur in a major uptrend, providing buyers with a brief break before the next leap. In the recent reversal of BTC, PEPE price showed a sharp reversal from the psychological support level of $0.00001.

The reversal increased by 26% in three days to $0.0000127 and broke through the flag pattern resistance level. If this breakout continues, it will mark the end of the correction and support PEPE to achieve a higher rebound.

The recent price increase is just the tip of the iceberg. Pepe's main indicators have turned bullish today. According to the data, PEPE's RSI is currently 53. This value shows that PEPE has exited the bearish zone and the sentiment has slightly turned bullish.

This data is an important indicator as it shows us that Pepe price is neither in the overbought nor oversold zone. Historical patterns show that the current RSI levels suggest that Pepe coin will see a rebound in the short term. Another important thing to note is that PEPE is currently trading above its 200-day simple moving average and 200-day exponential moving average. This clearly shows that Pepe has managed to maintain higher price levels despite the recent cryptocurrency market crash.

Recently Pepe has outperformed other leading meme coins such as DOGE and SHIB. This means that it has successfully overcome the bearish sentiment prevalent in the broader market.

Pepe’s major indicators are now giving strong bullish signals and we may see a potential sharp rebound in it.

PEPE price is currently showing its sustainability above the flag pattern, which will help a 37% rally to $0.0000174 and then an extension to $0.00005.

Technical indicators

EMA: PEPE price has regained the slope of the 20-day and 50-day exponential moving averages, and the recent rise has provided additional support for buyers, leading a new round of rebound. RSI: The daily relative strength index (RSI) has risen back above 50%, highlighting the recovery of bullish sentiment in the market.

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