- After a recent drop of nearly 32% this week, PEPE shows signs of a potential rebound.
- PEPE’s decline was influenced by Bitcoin’s volatility, which affected the broader crypto market.
- Analysts predict a potential rise to $0.00001680 if PEPE breaks key resistance levels.
- PEPE is currently in a descending broadening wedge pattern, which may signal a price reversal.
PEPE Coin (PEPE) is currently getting ready for a possible significant upsurge. It has gone through a tough week lately, experiencing a sharp drop of almost 32% over the past week and down 9% over the last month, but there are some hints that the token is primed to recover
The recent downtrend of the token has largely been blamed on Bitcoin’s dramatic fall, which caused a wave of fear across the broader crypto market. Since the increased volatility of Bitcoin is felt across markets, altcoins like PEPE couldn’t stay immune to this turbulence.
With Bitcoin’s recent surge marking the beginning of a bullish trend, altcoins are beginning to rebound. The token is uniquely positioned to ride this upward momentum. Analysts have noted that these market conditions would act as a catalyst for the token’s rebirth.
As of today, the token is trading at $0.000007740, with a 24-hour trading volume of $1.09 billion. The market capitalization of the coin remains at $3.26 billion. The overall outlook remains optimistic despite the coin losing 1.64% in the past 24 hours.
Analyst Eyes PEPE’s Potential Surge to $0.00001680
Jonathan Carter, a well-respected crypto analyst, has recently shared an optimistic forecast for PEPE’s price movement. According to Carter, the token is currently finding crucial support at the bottom of a descending broadening wedge pattern, a technical setup that often signals a potential price reversal.
The descending broadening wedge pattern usually forms when the price of an asset makes higher lows and lower highs, thus creating a shape like that of a widening funnel. According to Carter, with the token still trading within this pattern, a recovery move is looming. Hence, the pattern suggests that the token may soon break out of its ongoing downtrend and enter a massive rally.
Carter points out that an important level of resistance for the token sits at $0.00000780. If this threshold is broken, then a significant upstick movement could be catalyzed. If this resistance is surpassed, Carter envisions PEPE reaching a number of price targets: $0.00000970, $0.00001240, and even $0.00001680.
