Pepe Price Poised for 36% Rally, Can It Capitalize on Market Rebound

Pepe price is among the few tokens on the crypto market exhibiting potential bullish reversal signs. While most crypto assets exhibit small rallies following Bitcoin's recovery, only a few show genuine hope for a reversal, Pepe being one of them.

Pepe's daily timeframe price chart reveals a bullish pattern capable of propelling the asset by 36% in the short term. On-chain metrics further suggest a potential trend turnaround should Bitcoin's recovery continue.

Pepe Price Targets Full Recovery

Pepe's bearish trend falls within a descending wedge pattern, often indicating a potential reversal. The 50-day exponential moving average (EMA) at $0.00001056 and the 200-day EMA at 0.00000845 remain above the current price, confirming the downtrend.

Pepe has a temporary support level at $0.0000075, slightly above recent lows. Immediate resistance is encountered around $0.00000845 (200-day EMA), followed by the wedge's upper boundary at approximately $0.0000095.

If bulls gain momentum, Pepe's price could surge 36% from its current level to the top of the falling wedge. The relative strength index (RSI) stands at 36.74, approaching oversold territory, hinting at a potential price rebound. The Chaikin Money Flow (CMF) at -0.05 indicates some selling pressure, but not excessively strong.

On-Chain Metrics Support Rebound

According to on-chain data from Coinalyze, Pepe's open interest (OI) has increased by 9.6% in the past 24 hours. When combined with rising prices, this suggests bullish sentiment for Pepe's price.