Pepe Coin Price Prediction: Will PEPE Rebound After Erasing 65% of Value in 5 Straight Red Weeks?

Pepe coin, the third-biggest meme coin in the crypto industry, slumped from an all-time high of $0.00002830 in December to a low of $0.0000080.

Pepe Coin price has crashed this month, dropping for five straight weeks and erasing over 65% of its value during this time. However, the meme coin has a key catalyst that may see it rebounding later this year.

Pepe coin, the third-biggest meme coin in the crypto industry, slid from an all-time high of $0.00002830 in December to a low of $0.0000080.

But, the coin fiyatı now appears to be rebounding from a crucial support level, and a surge to its all-time high would mark a 190% increase from the current level. But, zooming in further reveals a catch to the bullish view.

Pepe Coin Price is Bullish: Livermore Speculative Chart

Pepe coin price crashed from an all-time high of $0.00002830 in December to a low of $0.0000080.

But, the coin has now rebounded from a crucial support level, and a surge to its all-time high would mark a 190% increase from the current price.

However, zooming in further reveals a catch to the bullish view.

The LSC is a chart structure based on Jesse Livermore, one of the top legendary traders of all time.

It is based on the concept of a rising broadening wedge chart pattern, which is usually a bearish sign.

As shown below, one counts the higher highs and higher lows up to number 7. After that, the coin stages a strong bullish breakout for a while, then drops.

Daze believes that the Pepe coin price has now moved to the seventh phase, which will lead to a strong rebound.

A crucial caveat of this view is that such a rebound may take time since it is based on the weekly chart.

Chart formations on the weekly tend to take weeks or even months to complete.

Pepe Price Daily Chart Calls For Caution

The longer-term Pepe coin price chart has a bullish catalyst in the form of the Livermore formation.

However, the meme coin may have some volatility in the short term since three important things have happened recently.

First, the coin has formed a head and shoulders pattern, a popular bearish reversal sign, which explains why it has plunged recently.

Second, Pepe has formed a death cross pattern, a popular risky pattern that forms when the 50-day and 200-day moving averages cross each other.

In this case, the two weighted MAs have made a crossover. Weighted moving averages are usually more sensitive than the others because they rely on recent data.

Third, the value of Pepe has dropped below the 61.8% Fibonacci Retracement level, where most rebounds happen.

Therefore, there is a risk that the coin may have some volatility in the short term.

More downside may see it drop to the key support at $0.000006730, the 78.6% retracement level.

A rebound, on the other hand, could lead to more upside to the 38.2% retracement at $0.00001784.

Frequently Asked Questions (FAQs)

1. Will the Pepe coin price bounce back later this year?

Pepe coin price may rebound later this year if it manages to rebound from a key support level, as suggested by the Livermore Speculative Chart (LSC). However, the meme coin faces some short-term risks due to the formation of a head and shoulders pattern, a death cross, and a value below the 61.8% Fibonacci Retracement level.

2. Why has the Pepe price crashed this month?

The Pepe price crashed this month due to several factors, including a massive sell-off in the crypto market, the formation of a head and shoulders pattern on the Pepe price chart, and a death cross formation.

The sell-off in the crypto market was triggered by a combination of factors, such as rising inflation, interest rate hikes, and geopolitical tensions.

The head and shoulders pattern is a bearish technical analysis formation that indicates a potential trend reversal.

In the case of Pepe, the formation began with a rally to a high of $0.00002400, followed by a decline to a low of $0.00001800.

The price then rallied again to a high of $0.00002200, before declining once more to a low of $0.00001400.

The final rally saw the price rise to a high of $0.00001650, before declining again to a low of $0.00001