Pepe Price Has Crawled Back During the Weekend as a Sense of Calm Spread in the Crypto Market

After bottoming at $0.000007650 on July 5th, the token rose by over 27% and hit $0.00001 on Monday morning.

Pepe price remained relatively stable during the weekend, in line with the broader crypto market. After hitting a low of $0.000007650 on July 5, the token recovered and was trading at $0.00001 on Monday morning.

The Pepe token rebounded as did the crypto market and the crypto fear and greed index. Bitcoin price rose to $62,000 on Monday morning, while the total crypto market cap rose to more than $2.26 trillion. Other tokens such as Jasmy and Stellar Lumens also showed strong bullish trends.

However, Pepe remained in a bear market, having fallen more than 44% from its highest point this year. It also remained below the 50-day moving average, indicating that the bears were still in control.

But despite this, a contrarian case could be made, especially when using technical analysis.

RSI falling wedge and three drives pattern

For example, a daily chart showed that Pepe’s Relative Strength Index (RSI) had formed a falling wedge pattern. In technical analysis, this is one of the most bearish chart patterns in the market.

However, the RSI had now moved above the upper side of this wedge pattern, indicating that the bears had prevailed. This view will be confirmed if the RSI moves above the neutral point of 50. The RSI is a popular oscillator that measures the rate or speed of change of an asset.

Moreover, Pepe had formed a three drives chart pattern, which is shown in pink. It had now moved to the final phase of this pattern, suggesting that a bullish breakout could occur soon. This view will be confirmed if the token moves above the upper side of the falling trendline.

Pepe’s Fibonacci retracements

Other bullish technical patterns had also emerged. For example, the token had formed a descending channel pattern and was now approaching its upper side. In most cases, a bullish breakout is confirmed if it moves above the upper side of this pattern.

The token also formed a long-legged doji candlestick on July 5 and moved above the 50% Fibonacci Retracement point. As a result, further gains will be confirmed if the price moves above the upper side of the channel and the key resistance point at $0.00001085, which was its highest point on March 14 and the 38.2% retracement point.

This contrarian view was also supported by Pepe’s volume. According to CoinGecko, the 24-hour volume was $900 million, which was higher than Sunday’s volume of $526 million. Pepe has consistently had a higher volume than larger meme coins, such as Shiba Inu and Dogecoin.

Therefore, a break above $0.0000108 would confirm the bullish view and see it rise to the next point at $0.000013, which was the 23.6% retracement point.

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