Pepe coin on the Brink of a Bullish Resurgence: Can PEPE Come back from the Dead?

25 Sep 2023 by Crypto Presale 2 min read

Pepe Coin burst into the crypto market with an exceptional launch, rallying by over 10,000% in a few weeks. However, PEPE has not been in its best state since June, and the once exciting project has become a shadow of itself. The massive decline in PEPE's price is primarily due to security issues. Some rogue team members withdrew a substantial amount of funds from the multi-signature wallet and sold them on centralised exchanges.

Additionally, concerns escalated after the official Telegram channel was hacked, causing people to lose trust in the project. PEPE’s price has fallen by 47% in the last 90 days, 19% in the last 30 days, but the token has risen 14% in the last 7 days.

Technical Analysis

Daily Timeframe

Source: TradingView

Pepe coin (PEPE) trading volume has increased by 58% in the last 24 hours, accompanied by a price increase of 4%. Despite this increase, the token is still trading below the 50-day EMA which is at $0.00000087. However, the Relative Strength Index is showing signs of accumulation going on, by forming a bullish divergence pattern.

4 Hour Timeframe

Source: TradingView

On the 4-hour chart, PEPE is showing signs of an inverted head and shoulder pattern, which typically indicates a bullish reversal. The Relative Strength Index (RSI) is currently at 59.50%, suggesting bullish strength in this timeframe. Moreover, PEPE is trading above the 50-day Exponential Moving Average (EMA), indicating potential buyer activity.

However, there's a minor resistance point (SHS neckline) at the $0.00000071 price level. A successful breakthrough of this resistance could propel PEPE towards the next resistance at $0.00000083. Conversely, if buyers struggle to break this key level and sellers manage to resist them, PEPE might continue its downward trend.

Is PEPE Back from the Dead?

Although the technical indicators suggest a potential bullish turnaround, it's not a sure sign of an immediate price surge for PEPE. To confirm a revival, PEPE requires significant catalysts like major partnerships or product announcements that can shift the negative sentiment to the positive. When combined with the positive signals from technical indicators, these factors could indicate that PEPE is on the path to recovery.

Want more top-tier crypto market analysis?