Pepe Coin Price Technical Analysis Points to an Eventual Rebound

Pepe Coin price suffered a big reversal today, May 19, as the mood in the crypto and stock market worsened following the recent Moody's credit rating downgrade of US debt.

Pepe Coin price suffered a big setback today, May 19, as the mood in the crypto and stock market soured further following the recent Moody’s credit rating downgrade of US debt. The meme coin was down by almost 10% in the last 24 hours.

However, technicals and the coin’s popularity among traders point to an eventual rebound, potentially to its all-time high of 0.000028381.

The first thing to note is that Pepe Coin has formed a bullish flag chart pattern on the daily chart.

This pattern happens when an asset goes parabolic and then starts to consolidate as some investors take a breather. In most periods, this consolidation is usually followed by another parabolic move.

In the case of the Pepe price, the first part of the bullish flag pattern happened earlier this week as it rallied from a low of $0.000007534 to a high of $0.00001534 in a matter of days. After that, the coin continued to consolidate in a pattern that resembled a hoisted flag.

The other highly bullish pattern that formed was a giant double-bottom at $0.00000577. This pattern happens when an asset forms two lows and a neckline. In this case, the neckline was at $0.00002838, its all-time high. In most cases, an asset usually bounces above the double-bottom, surges to the neckline, and then continues soaring.

Another factor to consider is that the value of Pepe is about to form a golden cross pattern as the spread between the 200-day and 50-day Weighted Moving Averages (WMA) narrows by the day.

Therefore, the most likely technical analysis points to a bullish Pepe price prediction, with the key target being the all-time high. The disclaimer for this target is that it will take time, and the coin will have some pullbacks as this happens.

This bullish outlook will become invalid if the coin drops below the psychological point at $0.000010. A move below that level will point to more downside, potentially to the double-bottom level at $0.00000577.

What Is Next For Pepe Price Technical Analysis?

While the mood in the market is bearish today, several bullish catalysts could propel the Pepe Coin price higher in the coming months.

As this CoinGape article wrote, there is a likelihood that Ethereum price will eventually surge to a record high this year. Such a move would benefit the top Ethereum meme coins like Pepe and Shiba Inu.

Further, the coin maintains a positive funding rate, a sign that investors believe that the future price is higher than the current level.

Third, Pepe has become one of the most popular meme coins in the market. Etherscan data shows that the number of holders has jumped to over 435,000. Its daily volume of $2.4 billion exceeds that of other coins like Shiba Inu and Official Trump.

Frequently Asked Questions (FAQs)

1. Will the Pepe Coin price jump to a record high?

The technical analysis is bullish. The coin is forming a bullish flag pattern and a double-bottom, which could spark a rally to the all-time high of 0.000028381.

2. Which patterns has the Pepe price formed?

The chart shows that the bullish flag pattern is complete, and the double-bottom is also fully formed. The 50-day WMA is about to cross the 200-day WMA to form a golden cross.

3. Which catalysts will fuel the token surge?

The market mood is bearish today following Moody’s credit rating downgrade of US debt. However, there are several bullish price catalysts for Pepe. Among them are the potential record high for ETH in 2024 and the huge volume and holder count of Pepe.