PEPE Might Be Gearing up for a Bull Rally, But Will It Repeat History and Retest Its ATH?

PEPE investors had a tough week as the memecoin's price dropped sharply. Owing to the same, a major chunk of investors were bound to bear losses.

PEPE investors had a tough week as the memecoin's price dropped sharply. But, A new bull rally might be just around the corner.

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PEPE's price fell over 21% last week, leaving most investors with losses.

However, there is a bullish mood among investors as the price is hovering at important levels on the chart.

According to technical analysis, PEPE is likely to break out of his 200-day moving average, after which the uptrend is expected to continue.

PEPE's price fell over 21% in 7 days last week, CoinMarketCap data revealed. There was a time when over 90% of investors were making profits, but due to this price movement, only 67% of investors are making profits, according to the latest IntoTherBlock data.

This price drop also negatively affected his MVRV ratio of the coin, which decreased. But surprisingly, despite the decline in value, the weighted sentiment graph entered the positive zone.

This suggests that bullish sentiment towards this meme coin prevails across the market.

Source: Santiment

Will investor confidence pay off?

The possible reason behind this rise in bullish sentiment is that PEPE appears to have reached an important level. In fact, popular crypto analyst Plasma recently suggested that PEPE could soon start a massive uptrend as the price approaches his 200-day simple moving average (SMA). Shared the tweet.

Previously, when a similar event occurred in April, the meme coin price gained bullish momentum and hit new highs.

If history repeats itself, investors may see his PEPE retest his ATH in the coming weeks.

Source: X

It is important to note here that a bullish development has already begun at the time of writing the article. In the past 24 hours alone, the meme coin price rose by 14%. At the time of writing, this meme coin is trading at $0.00000915, giving it a market capitalization of approximately $3.85 trillion.

To find out more about the possibility of PEPE repeating history again, AMB Crypto took a closer look at the meme coin’s daily chart.

As a result of our analysis, a bullish descending wedge pattern was confirmed on PEPE's chart. It appears to be testing the upper bound of the chart pattern. A successful test of this lower bound could start an uptrend and lead to a retest of ATH.

Source: TradingView

PEPE’s chances of hitting new all-time highs become more likely in the coming weeks, so AMB Crypto looked at data from Hyblock Capital to see what we can expect next in the short term .

Read Pepe's [PEPE] Price Prediction 2024-25

According to our analysis, if PEPE can maintain its bullish development, it could fully recover from last week's losses and reach $0.000012.

However, if the bears intervene again, this meme coin could fall to $0.00000727 instead.

Source: High Block Capital

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