Pepe Coin’s Bounce Sparks Hope: Is The Momentum Sustainable?

• Pepe coin bounced off from the 100-day EMA mark but puts it at risk.
• PEPE’s market had a bearish bias but might sustain its long-term bullish outlook.

Pepe (PEPE) price has lost momentum and dragged more than 23% in the past seven days. That reflected a bearish bias. However, it showed signs of rebound and held gains around the 100-day EMA mark. However, it still failed to uphold buying pressure.

Despite this, the likelihood of a bounce remained high. This happened as the Pepe coin price action and on-chain metrics suggested a potential recovery. However, delays may occur.

At press time, the PEPE coin price traded at $0.00001795, noting a minor drag over 1.20%, signaling a potential rebound ahead. Its market cap stands at $7.54 Billion, ranking 24th among the top crypto coins.

PEPE Whales and Trading Activity Signals Mixed Outlook

Despite significant profit booking during the past 48 hours, PEPE crypto whale activity has noted an upsurge. For instance, according to IntotheBlock data, large transactions surged by 25% over the past 48 hours.

Such a rebound in large transactions typically signals steady whale participation. This kind of participation often precedes a bullish trend.

However, retail activity data conveyed signs of cooling off, as daily active addresses fell by 11.56% in the past seven days. At the same time, new addresses have declined by 15.54%. This replicated waning enthusiasm among holders.

PEPE Price Could Rebound to $0.00003340: Analyst Weight In

Rose Premium Signals highlighted in his tweet that the Pepe coin had held gains around the support zone at $0.00001515. In case of an accumulation from these levels, the PEPE coin price could see an upsurge toward $0.00002511 and $0.00003340.

However, a drop below the 100-day EMA mark could see a decline toward the support zone of $0.00001290.

PEPE’s Price Now Approaching Key Support Levels

As the Pepe coin price continues to trade downward over the past few sessions, all eyes seem to be on the $0.00001600 support level. Notably, 61.8% Fib support exists, and buyers might step in for a further rebound.

However, if this level fails, it could open the floodgates for additional declines toward the 200-day EMA mark.

From an on-chain perspective, the 74% of profitable holders will play a critical role here. The GIOM Indicator shows that the PEPE coin price must scale the $0.00001900 resistance for the bulls to be confident of flipping $0.00002200.

As depicted, 47,430 holders had bought at an average price of $0.00002200. If these holders remained in their positions, they could boost the rebound ahead.

The Relative Strength Index (RSI) line dragged below the neutral line, conveying signs of profit booking. At press time, the RSI line stayed at 42.

However, the Chaikin Money Flow (CMF) indicator shows a value of 0.06. This signaled that significant capital inflows were still happening in the market.

The 294k pool of positions liquidated at $0.0181 flashed a green signal of a potential price reversal. The immediate support zones for the Pepe coin were $0.00001760 and $0.00001620. On the other hand, the resistance levels were $0.00001920 and $0.00002220.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.