Pepe Coin: Reasons for a Potential Rebound
Pepe Coin (PEPE) has seen a significant drop, falling 40% from its May peak.Though, there are signs that suggest a possible rebound.
One key factor is the formation of a falling wedge. This is a bullish pattern where two trendlines converge, indicating a potential price surge.The token has stayed above a crucial support level as March, hinting at a strong rebound. if the price breaks above the wedge, it could rise to $0.00001625, a 70% increase from its current value.
Another positive sign is the high trading volume. On July 6, its 24-hour volume was over $400 million, much higher than othre meme coins like Shiba Inu (SHIB). This pattern often leads to a bullish breakout. The next key level to watch is $0.00001625. But a drop below $0.000007450 would negate this bullish view.
High demand is evident from the open interest on futures markets. According to coinglass data, the open interest was $522 million. This shows strong investor interest.High volume usually means more buyers are interested.
Exchange balances are also decreasing. Fewer coins on exchanges mean holders are keeping their tokens,not selling.This suggests confidence in its future.Whale activity supports this. Whale holdings have risen by 4.1% in the last month. This indicates large investors are accumulating.
- Pepe’s 24-hour volume was over $400 million.
- Whale accumulation is up, showing strong market sentiment.
- Exchange reserves are at a multi-year low, another bullish signal.
These factors point to a potential price recovery. The token’s price could climb if these trends continue.
Pepe’s exchange reserves are at a multi-year low. This suggests holders are not selling, which is good for the price.
Pepe’s exchange supply is down, showing less selling pressure. This could push the price up.
despite the bearish trend, these signs hint at a possible price recovery. Keep an eye on these levels for trading opportunities.
