Crypto analysts are hailing now as the perfect time to buy Pepe after its price crashed by over 77% from its highest point in December. Most experts cite its strong fundamentals, like the Mean Dollar Invested Age (MDIA), and its strong technicals, including the formation of a double-bottom pattern. This report explains why the Pepe coin price may be ripe for resurgence.
Fundamentals Support the Pepe Coin Price Surge
Pepe coin price could stage a strong rally as some fundamental metrics point to a strong rally this month. One of these metrics is known as the Mean Dollar Invested Age (MDIA), a figure that looks at the average age all coins weighted by their purchase price. The 365-day MDIA metric has surged to the highest point this year, signaling that holders are holding onto their tokens.
Another metric by CoinGlass shows that the futures open interest of the Pepe coin may have bottomed, which is a positive sign. This OI peaked at $335 million on March 28 and then bottomed at $195 million as crypto prices crashed. The trend suggests that the figure is bottoming, which may lead to more gains in the next few days.
These metrics helps to explain why some analysts expect the Pepe coin price to recover in the coming days or weeks. In a note, a pundit known as Rodney said that this was the “perfect time to buy the greatest meme coin of all time.” He also added that the next Pepe price pump would be biblical.
Another pundit with over 40k users used the weekly chart below that signaled that the Pepe price was showing bottoming signs. He added that he was still adding to his Pepe position.
Pepe Price Technical Analysis: Two Key Patterns Converge
Technicals show that the Pepe token may be on the cusp of a major bullish breakout as two patterns converge.
The first crucial pattern is the falling wedge, which formed for the most part of this year. This pattern, which is shown in green below, has two descending and converging trendlines. In most case, this pattern usually leads to a major upside.
The two lines of this wedge converged at the key support at $0.0000060, which was also the lowest level in August last year. As such, it formed a giant double-bottom pattern, another highly bullish sign. Most recently, it has formed another small double-bottom pattern whose neckline is at $0.0000092.
Pepe Token Price Targets
Therefore, the odds are high that the Pepe coin price will stage a strong comeback. The initial target being the neckline of the double bottom at $0.0000092. It will be followed by the 50% retracement point at $0.00001715, up by 173% above the current level.
The bullish Pepe price forecast will be canceled if it loses the double-bottom point at $0.00000595.
The post “Perfect Time to Buy” – Patterns Point to a Pepe Coin Price Resurgence appeared first on CoinGape.
