#Pepe
trade now . ๐๐๐๐ฏโคโคโคโค
๐๐๐ฅ๐ ๐พ๐ค๐๐ฃ ๐ฅ๐ก๐ช๐ฃ๐๐๐ 40%, ๐๐ช๐ฉ ๐ฉ๐๐ ๐๐ง๐ค๐ ๐๐ค๐๐ฃ ๐ข๐๐ฎ ๐ก๐๐๐ฅ ๐๐๐๐๐๐ง ๐ฉ๐๐๐ฃ ๐๐ซ๐๐ง
Pepe the second largest meme coin on ethereum has dropped to $0.000010 โ down 40% from its highest point in May.
The first main reason why the Pepe token may rebound soon is that it has formed a falling wedge, a popular bullish reversal pattern. A falling wedge comprises two descending and converging trendlines, which have neared their confluence levels. A wedge is one of the most bullish patterns in technical analysis.
Pepe price has also remained above the ascending trendline that connects the lowest swings since March this year. It has also remained above the ultimate support of the Murrey Math Lines at $0.000005960
Therefore, the token is likely to experience a strong bullish breakout, with the following key point to watch being at $0.00001625, representing an increase of over 70% from the current level. A drop below the weak, stop-and-reverse level at $0.000007450 will invalidate the bullish view.
there are signs that Pepeโs demand and popularity is still high. CoinGecko data shows that its 24-hour volume was over $400 million on Sunday, July 6. While this volume was lower than its historical levels, it was significantly higher than that of other popular meme coins. For example, Shiba Inu (SHIB) had a 24-hour volume of less than $70 million.
CoinGlass data shows that Pepeโs futures open interest has remained steady in the past few weeks. It had a 24-hour open interest of $522 million, higher than the year-to-date low of $173 million. A high open interest is a bullish catalyst for an asset because it indicates increased demand.
