Many altcoins such as PEPE have experienced the same pattern

Many altcoins such as PEPE have experienced the same pattern of rising after relevant events, and reaching the highest point

Many altcoins such as PEPE have experienced the same pattern of rising after relevant events, and reaching the highest point in December or January of the succeeding year and then, start a downward trend continuously. Some of these assets are trading below their prices before the elections, more so the subject of the future recovery.

However, in the current trading sessions, PEPE, in particular, has been somewhat stronger comparing to the overall market decline. If the meme coin can rally back up to its pre-election price position, Daan Crypto Trades believe it might signal the bottom for other similar coins and tokens. The altcoin’s price dynamics are being particularly intently followed by traders to determine whether there is potential for an altcoin rally.

Many charts looking similar to $PEPE.1. Big run up post election.2. Top in December/January.3. Bleed down heavily afterwards.4. Now trading below Election levelsA good sign for some of these coins would be to retake that pre-election level where the previous rally began.

Currently, PEPE is facing a crucial test as reverse at a horizontal support concurrently with a descending trendline. World of Charts has been optimistic, estimating the asset to rebound by 30-35% if it could punch through these levels. This can be the beginning of a new push in the meme coin space that has stagnated for several months now.

However, it has risen higher than several other related coins, such as others in the meme category. Some traders believe that this stability is promising and that PEPE may be used to gauge the strength of other meme coins. This perspective is positively underlined by its performance to sustain the support levels while other assets continue to drop even more.

For an extension of this uptrend, PEPE needs to break through resistance and establish a support on the other side. It may also bring back meme coins’ resurgence if the investment is successful. However, failure to do so may lead to further declines in line with the long-standing history showing that the price of altcoins settle much lower in the following days after small but sharp corrections.

As of press time, PEPE is trading at $0.000007017, showing a 4.76% decline over the past day.