After reclaiming the psychological barrier of $0.10, the price of PEPE is ready to rebound. This meme coin is one of the best-performing tokens in the current bull market, having risen nearly 8% in the past 24 hours.
With a market cap of $4.31 million, the significant upside potential of this meme coin makes it a profitable buying option under current market conditions.
Following its all-time high, the price of PEPE is currently in a downtrend channel. However, given the recent overall market recovery after Donald Trump won the U.S. presidential election, PEPE is poised for a return to the bull market.
This week, the meme coin has risen 25%, breaking through the $0.000010 barrier, and is forming a bullish flag pattern breakout rebound. With increasing bullish opportunities for the breakout rebound, the MACD and signal line are preparing for a positive crossover.
As PEPE rebounds from the support area, the indicators turn bullish.
On the Pepe chart, we see a bullish trend after rebounding from the key support level of $0.00000080. The price action suggests it has subsequently risen above the 50-day simple moving average. This is a bullish signal indicating that buyers are back in control.
If the former holds, the target resistance level is expected to be at $0.00000130, which is a 54.61% increase from the current price. If buyers remain strong, a retest of the SMA and a breakout of the support area could lead to further bullish momentum.
The momentum indicators are also adding extra bullish momentum to the market. The Awesome Oscillator (AO) shows green bars, indicating positive momentum and the beginning of bullish pressure.
The Relative Strength Index (RSI) is also rising. It has broken above the midpoint of 50, indicating that buying interest is increasing.
How likely is a rebound for PEPE?
The last positive crossover of the weekly MACD indicator occurred during the bull market in early 2024, with a nearly 1000% increase. Based on recent days' trend-based Fibonacci retracement levels exceeding the bullish flag pattern, the upward trend is set to challenge the 23.60% Fibonacci level of $0.00001171.
Therefore, PEPE is one of the most worthwhile meme coins to buy in the cryptocurrency market, with huge upside potential.
