Pepe Coin Price retreated from last year’s high as many crypto investors embraced newer meme coins like Melania and Vine. It dropped to a low of $0.00001530, down by almost 50% from its highest point in December. So, will the Pepe price rebound or is the downtrend here to stay?
Pepe Coin price technicals suggest a rebound is coming
The daily chart shows that the Pepe Coin price has significantly reversed after reaching its all-time high in December. It crashed to a low of $0.0000153, a notable level since it is at the 50% Fibonacci Retracement point. It is also the important 200-day moving average point.
The coin has also formed a falling wedge chart pattern, a popular bullish reversal sign. Its upper side connects the highest swings since December, while the lower side links the lower lows since November.
The two lines are now about to get to their crossover, a sign that a strong bullish breakout may be about to happen. Such a breakout would have the coin have a strong bullish breakout, with the next level to watch being at $0.00002837, up by about 85% from the current level.
The bullish view will become invalid if the Pepe coin price crashes below the 61.8% Fibonacci Retracement at $0.00001150.
Potential catalysts for Pepe
There are a few potential catalysts that will push the Pepe coin price higher. First, the ongoing crash of newer tokens like Official Trump and Fartcoin may push investors back to older meme coins that tend to be less volatile. Such a sector rotation would benefit coins like Pepe and Shiba Inu.
Second, there is an ongoing divergence between the Pepe price and the futures open interest. Pepe has been in a downward trend, while the open interest has remained higher in the past few weeks. It had an open interest of over $487 million, up from over $144 million in futures open interest.
Third, Pepe’s daily trading volume is still substantially higher. It had a 24-hour volume of $1.1 billion, the second-most traded meme coin after Dogecoin and Official Trump. That is also a bullish sign.
The coin will benefit broadly from the Donald Trump policies, a potential Ethereum price rebound, and exchange-traded fund (ETF) tracking the coin. It will also jump if Bitcoin price surges to a new record high.
