Decoding the Possibility of Pepe (PEPE) Price Smashing a New ATH After the Latest Rebound

Decoded: Can Pepe (PEPE) Shatter Its ATH After Recent Recovery?

Pepe has grabbed headlines recently, surging over 1200% to establish a new all-time high (ATH) of $0.00001725. However, a steep correction followed, plunging the price by over 40% to its monthly low of $0.00000968. This dip may have attracted liquidity, facilitating a 20% rally to the current levels of $0.00001175.

As PEPE rebounds strongly, what are its chances of setting a new ATH?

The recent recovery has kept the token within a bullish range, defending crucial support. The price is expected to follow a 'v-shape' trajectory, heading upwards and testing higher targets. However, bears still hold some sway over the rally and could exert pressure in the coming days.

The initial Q2 rebound initiated recovery within a rising wedge, leading to a bearish pullback. Nonetheless, the price remained within range, triggered by a rebound from $0.00001, a key support level. The MACD indicates a decline in selling pressure, approaching a bullish crossover. However, low volume is a concern, with the day's buying volume below the previous two days' selling volume.

If bears remain subdued, Pepe is expected to rise above the 0.786 FIB at $0.00001364. After establishing a stable foundation at the Bollinger bands average, the memecoin could target its previous ATH. Resistance at $0.000016 may provide some hindrance, but with sufficient bullish momentum, a new ATH above $0.000018 is possible.

The bullish path towards a new ATH remains tentative at this stage. To validate the upswing, Pepe must reach $0.000013 by the end of the week. Failure to do so could trigger bearish sentiment, leading to extended consolidation.