During Monday’s trading session, the Pepe coin price saw a 3% drop, retesting the crucial $0.00001 support level. This bearish movement aligned with Bitcoin’s fall below the $65,000 mark, sparking a corrective phase across several major altcoins. Despite this, PEPE is set for a sharp recovery, driven by accumulation and the completion of a bullish pattern.
Can PEPE Coin Price Surge to $0.000015 by October?
Within a month, the PEPE coin price rallied $0.00000633 to $0.0000119— an 89% increase. This bullish reversal managed to reclaim crucial daily EMAs (20, 50, 100, and 200), signaling a positive change in market sentiment.
A deeper analysis of the daily chart shows this reversal breached the resistance trendline of a falling wedge pattern. This chart pattern drove a steady correction within two converging trendlines for four months before offering a breakout.
The post-rally aligned with the late September rally pushed the asset to a $0.0000119 high before reverting to $0.0000108. The coin price is poised for temporary consolidation or pullback to $0.00001 and recuperates the bullish momentum.
The post-breakout rally could bolster the asset for $0.0000135 before surpassing the $0.000015 mark.
PEPE/USDT -1d Chart
According to Santiment data, large wallet holders possessing between 100 million and 1 billion PEPE coins have actively accumulated, pushing their holdings to a staggering 13.51 trillion coins. This significant increase in accumulation suggests that whales are positioning themselves for a potential price surge, indicating growing confidence in future price growth.
Whale Accumulation| Pepe (PEPE)
Check out the article on top meme coins to buy for a detailed analysis.
PEPE Coin Faces Potential Downturn as 30-Day MVRV Hits 38.7%
The Santiment analytics shows the 30-day MVRV (Market Cap to its Realized Cap) ratio recently spiked to 38.7%, indicating that short-term traders are in profit. Typically, the high value coincides with the market top, and speculative traders commence profit booking,
Thus, if the Pepe coin price breaks below the $0.00001 support, the sellers could accelerate the bearish momentum for the prolonged fall.
30-day MVRV Ratio
Conclusion:
If the PEPE price post-rally correction manages to sustain above the $0.00001 level by mid-October, a recovery toward $0.000015 is likely.
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