Pepe’s recent drop in trading volume raises concerns, but recovery potential remains as the price stays close to the $0.0000075 support level.
Some analysts believe Pepe could be poised for a significant 10x rally in the near future. From a technical analysis perspective, it’s worth examining the key levels and potential trades for the upcoming weeks and months.
This update offers insight into the recent price movements and market trends for Pepe, shedding light on what may lie ahead.
PEPE technical analysis and prediction
At the time of writing, Pepe shows a 4.63% price increase, bringing it to $0.000007327. The market cap stands at $3.08 billion, reflecting the same percentage increase.
However, trading volume has significantly dropped by 17.67% to $406.8 million, highlighting a reduction in trading activity compared to the previous day. This marks a sharp decline for a coin that still ranks as the 15th most traded asset in the crypto market.
Despite the drop, Pepe remains a prominent asset, continuing to attract notable trading interest. Pepe’s weekly and daily charts reveal a bullish outlook from a macro perspective, with several key levels standing out, including the lower low, higher low, and the most recent macro higher low.
A new macro higher low has yet to be confirmed. Breaking above Pepe’s all-time high would solidify this higher low, potentially sparking more bullish momentum. The chart shows a falling wedge pattern, often indicating bullish potential. The upper resistance and lower support trendlines form the wedge.
While the asset continues testing its support, it’s important to note that frequent tests of support can weaken it. If Pepe breaks below this trendline, it could signal further downward movement, presenting an opportunity for accumulation at lower price levels.
Traders aiming to capitalize on the current market structure should consider dollar cost averaging (DCA), purchasing Pepe incrementally at lower levels as the price declines. This strategy allows traders to build a strong position for future gains.
Given Pepe’s bullish macro structure, accumulating at these levels could prove profitable during an anticipated altcoin season in the coming months. If bullish momentum returns, Pepe’s falling wedge could break upward, leading to significant gains.
Traders should watch the 3-day and 4-hour volume-weighted average price bands, as breaking these could indicate a strong upward move. A potential 133% gain exists if the wedge breaks, offering lucrative opportunities for futures traders.
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