In one analysis, it was claimed that the bullish flag formed on the chart of Pepe ($PEPE) gives a bullish signal in the short term.In one analysis, it was claimed that the bullish flag formed on the chart of Pepe #PEPE) gives a bullish signal in the short term.

$PEPE , inspired by the figure of Pepe the frog and shown as a rival to#Dogecoin(DOGE), is down almost 10 percent over the past 24 hours. Despite the drop in question, PEPE was claimed to have given a bullish signal. In the analysis prepared by AMBCrypto, it was claimed that a flag formation has formed indicating an increase in PEPE. The analysis predicted that if the formation works, the price of PEPE could reach $0.00001725 and increase by almost a thousand percent. The popular meme coin Pepe ($PEPE) has lost more than 20 percent of its value since August 24.

Could things be changing for $PEPE, which has failed to attract much attention from meme coins?

AMBCrypto claimed that the $PEPE price drop should not be misleading and that the rise has just begun. The analysis read: “PEPE is poised for a near-term surge as new chart formations emerge. Supportive factors have increased the probability of such a recovery.”

The bullish flag formation formed on the price chart is known as a frequently used technical pattern among traders. The formation usually predicts an increase in price after a long period of consolidation. According to the analysis addressing the formation in question, the PEPE price can reach $0.00001725.

Rising volume and money flow size are among the indicators supporting the rise. According to the Moving Average Moving Average Convergence and Divergence (MACD) indicator, individual investors' interest in $PEPE has started to increase. The analysis, which addressed the growing bullish power of the MACD, showed that the positive zone was touched.

The Chaikin Money Flow (CMF) indicator, which has been steadily rising since August 15, also gave a positive signal. The increasing CMF data indicates liquidity inflow into $PEPE.