PEPE price to rebound after retesting trendline support

As Pepe price breaks out of the descending channel formation, the market becomes bullish.

On-chain data reveals PEPE's Long-to-Short ratio is 1.66, indicating bullishness.

A daily candlestick closing below $0.0000076 would end the bullish trend.

PEPE (PEPE) price broke out of a descending channel pattern and surged 12%, but it is now down 2.3% at $0.0000121 as of Wednesday. On-chain data shows PEPE's Long-to-Short ratio is 1.66, suggesting cryptocurrency rallies.

Price of PEPE may rally.

On July 15, pepe price broke out of the downward channel and rose 12% in four days. This bullish pattern combines many high and low levels with trendlines and a breakout signal. The current price is $0.0000121, down 2.3%.


PEPE might rise 29% to revisit its June 12 daily high of $0.0000139 if the trendline holds as historical support at $0.0000108.

On the daily chart, the Relative Strength Index (RSI) and Awesome Oscillator (AO) are safely above their neutrality thresholds of 50 and zero, supporting this rebound. These momentum indicators favor bulls.

Nearly 8,420 addresses held 26.14 trillion frog-based meme tokens at $0.0000110, according to IntoTheBlock's IOMAP. These addresses purchased PEPE coins between $0.000011 and $0.0000120, a critical support zone.

Technical analysis and IOMAP results align in the $0.0000110 to $0.0000120 zone, making it a crucial reversal region.

Coinglass says the Long-to-Short ratio reveals traders' and investors' attitude toward a cryptocurrency. A high long-to-short ratio indicates that more traders are positive on the coin's price. Low ratios suggest more traders are betting on falling prices (bearish sentiment).


Even if the on-chain statistic and technical analysis are positive, PEPE's daily candlestick closing below $0.0000076 would contradict the bullish thesis by creating a lower daily low. This may send PEPE down 21% to daily support at $0.0000060.

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