PEPE Coin Price Prediction Hints Potential Reversal

PEPE coin price prediction shows a 3.6% jump to $0.00000875 on Sunday amid Bitcoin sustainability above $60000.

Pepe coin price prediction shows a 3.6% jump to $0.00000875 on Sunday amid Bitcoin sustainability above $60000. This renewed recovery indicates stability for a follow-up rise after the Thursday rally in the crypto market.

Pepe Coin Price Prediction Hints Potential ReversalThis week, the meme coin sector showcased a notable recovery as the broader market carried a relief rally after the July sell-off. This bullish turnaround uplifted the Pepe coin price from $0.00000585 to $0.0000086, registering a 47% rally. Consecutively, the market cap boosted to $3.65 Billion.

However, as highlighted by Santiment, the meme coin enthusiasm seems to be fading away despite the recent price uptrend. Large transactions, defined as those valued at $100,000 or more, have seen a drastic decline.

Pepe coin price prediction shows an overhead supply at the $0.000009 level backed by a 20-day exponential moving average as a dynamic resistance. A potential bearish crossover between the 50-and-100-day EMA could accelerate the selling pressure for another reversal.

Additionally, the In/Out of the Money Around Price (IOMAP) metric indicates that approximately 20,000 addresses hold over 30 trillion PEPE tokens at an average purchase price of $0.000009. This large overhead supply, currently at a loss, may sell their tokens at break-even in anticipation of a market correction, potentially intensifying the selling pressure.

A bearish turnaround may set the PEPE price prediction for a 25% drop to revisit the wedge pattern support at $0.0000065.

However, the falling wedge pattern typically signals a bullish reversal after a downtrend, characterized by converging trendlines that signal waning bearish momentum.

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