The price of Pepe coin is surrounded by double digits from high levels of all time, eradicating most of the benefits made in 2024.
Pepe (Pepe), a highly popular Meme coin, was trading at $ 0.0000084 on Thursday, over 70% of its highest level in December. Nevertheless, there are some reasons why the coin can bounce back and potentially hit its all -time high $ 0.00002828.
The price of Pepe coin has formed a falling wedge
The meme coin may soon be rebound, it is that it has formed a falling wedge pattern and a rapid deviation on the daily chart.
A falling nail is a pattern made of two descending and convergence trendline. In the case of Pepe, the upper side of this wedge began shortly after reaching a record high in December, while the development of the lower trendline began in November.
Two trendlines are now converging, indicating that the recession speed disappears. In fact, the average directional index, a popular indicator that measures the strength of a trend, has fallen from 40 to 32.
The relative power index and the MACD oscillator have formed a rapid deviation pattern. This pattern occurs when a oscillator increases when the price falls. This often leads to a strong brakeout, which in this case, can increase the price of Pepe to $ 0.00002828, which can rise to 245% from the current level.
Possible rotation from solana meme coins
The price of the pepe coin can benefit from possible rotation up to tokens from the coins of the Solana meme. Conflicts on Solana Meme coin ecosystem have increased as the number of rug bridge scams increases. A notable case was Libra, promoted by Xavier Miley.
Many other meme coins have declined in Solana Ecosystem as internal sources have removed their holdings. Pepe is different from these coins as it has a long track record, has been launched in 2023 and has since increased by more than 3,500%.
17% of Pepe Whale was never sold
In addition, data compiled by a popular X analyst Murad shows that about 17% Pepe Coin Whale has never sold a coin. It creates the third largest token with that quality after SPX6900 (SPX) and Gigachad. This is an indication that these whales hope that the coin will jump back over time.
Apart from the whale, the number of pepe holders has increased despite the decline of the coin. There are now more than 406,000 holders, above 392,650 last month. This may indicate possible accumulation.
