Pepe Coin (PEPE) Might Be Set for a Recovery, as the TD Sequential Indicator Is Showing a Buy Signal on Its Weekly Chart

Pepe Coin (PEPE) might be set for a recovery, as the TD Sequential indicator is showing a buy signal on its weekly chart

Technical and on-chain crypto analyst Ali Martinez has observed a buy signal from the TD Sequential indicator on the weekly chart of Pepe Coin (PEPE), suggesting the possibility of a recovery.

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According to a recent X post by Martinez, PEPE might be set for a recovery.

“$PEPE is showing signs of a potential rebound as the TD Sequential indicator flashes a buy signal on the weekly chart,” noted the analyst.

PEPE buy signal on the weekly TD Sequential.

Chart: TradingView

In addition to the TD Sequential indicator, other signs of a potential rebound for PEPE include a 2% increase in market capitalization to $4.12 billion over the last 24 hours and a 21.67% surge in 24-hour trading volume, reaching $975.99 million.

Meanwhile, other analysts like CryptoELITES have signaled a potential rebound for PEPE. In a recent analysis, the analyst highlighted that PEPE's price is moving within an ascending channel, following a parabolic trajectory. After a recent pullback, it appears to have found support at the 0.786 Fibonacci retracement level, priced at 0.00008392 USDT. This suggests the possibility of continued upward momentum.

“Pepe is about to make a big move very soon! Short-term target: 8X

$Pepe #Pepe #Memecoin,” stated the analyst.

Pepe is about to make a big move very soon! Short-term target: 8X$Pepe #Pepe #Memecoin pic.twitter.com/nlSWBtJNWJ

— Crypto ELITES (@TheCryptoElites) May 25, 2023

As PEPE seems to be gearing up for a major price surge, it’s interesting to note that 37% of the total supply is currently being controlled by the top 10 wallets, according to Etherscan. The largest wallet alone holds 13% of the supply. This indicates a degree of centralization, meaning a small group of holders has significant influence over the token’s market.