PEPE Meme Coin Could Be One of the First Cryptos to Gain as Anticipation Builds for a Better October

Nicknamed “Uptober,” the historically bullish month appears to be coming at the right time for PEPE’s price.

Meme coin Pepe (PEPE) could be set for a rally ahead of a historically bullish October.

The frog-themed token, a parody of the popular Pepe the Frog meme, has seen its price rise by 8% in the last 24 hours, reaching $0.0000078. But will the next few weeks bring more gains for PEPE?

Pepe Lends Holders Its Hand

One indicator that suggests PEPE could be due for a rally is the Market Value to Realized Value (MVRV) Long/Short Difference. This metric measures the profitability of short-term and long-term holders.

If the reading falls, it indicates that short-term holders have more unrealized gains than the other category. This usually signals bearish price action.

However, as this measure is currently rising, it shows that long-term holders are once again in the money. This is because the metric fell sharply between September 13 and 16, as PEPE’s price dropped from $0.0000079 to $0.0000071.

But at the time of writing, the reading has risen to 28.36%, indicating that the recent PEPE price increase has put long-term holders at an advantage. This is also backed up by the fact that, historically, if this difference continues to rise, the cryptocurrency resists bearish cues.

As such, PEPE appears to have returned just in time for the bull run and could enter “Uptober” on a strong note. Another indicator that supports this move is Bull Bear Power (BBP), a technical analysis tool that measures trend strength and detects divergences between momentum and price.

When the BBP is near zero, which is the 13-period Exponential Moving Average (EMA), the market is balanced. In this situation, neither buyers nor sellers are in full control. But if the indicator is above or below the baseline, one market force is in the majority.

On the 4-hour PEPE/USD chart, the BBP is above the 13 EMA line. This indicates that buying strength is clearly outweighing that of sellers. With this positioning, PEPE’s price may continue to appreciate into the last weeks of September and early “Uptober.”

PEPE Price Analysis: $0.000011 to Come in a Bit

In addition to the buying volume shown on the 4-hour chart, the daily PEPE/USD chart also presents a bullish picture. For example, the meme coin formed a descending triangle between July 30 and yesterday.

This formation is usually considered to be a continuation pattern, which means that it signals a trend that is likely to continue in the same direction. In this case, the triangle is bullish, as it formed during an uptrend.

Fortunately, PEPE’s price broke out of the triangle, suggesting that the token may not face an accelerated downturn. This breakout also coincided with the rise above the 20-day Exponential Moving Average (EMA).

From a trading perspective, a rise above the 20 EMA (blue) is generally considered to confirm an uptrend. Therefore, as long as the price trades above this indicator, the PEPE could rally by 50%, possibly hitting $0.000011 by October.

While this optimistic forecast looks likely, investors should be careful. Notably, if PEPE drops below the EMA again, the prediction might not come to pass. Instead, the price could decrease to $0.0000063.

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