#Pepe 👍👍👍❤❤❤❤👍

𝙋𝙚𝙥𝙚 𝘾𝙤𝙞𝙣 𝙋𝙧𝙞𝙘𝙚 𝘼𝙣𝙖𝙡𝙮𝙨𝙞𝙨: 𝙍𝙖𝙧𝙚 𝙋𝙖𝙩𝙩𝙚𝙧𝙣 𝙎𝙞𝙜𝙣𝙖𝙡𝙨 62% 𝙍𝙖𝙡𝙡𝙮 𝙖𝙨 𝙊𝙥𝙚𝙣 𝙄𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙅𝙪𝙢𝙥𝙨 $74𝙈

Pepe Coin price may be at a turning point as a cup and handle pattern signals a potential 62% rally as open interest spikes by $74 million

Pepe Coin (PEPE) dropped by 3% on June 18 to trade at $0.0000102 as traders continued to abandon risk assets due to growing geopolitical concerns. However, if buyers were to step in now, Pepe Coin price could recover after a rare cup and handle pattern emerged, signaling that a 62% rally could be imminent. Meanwhile, the meme token’s open interest has spiked by $74 million in the last two days, highlighting growing optimism among traders.

The weekly timeframe reveals the formation of a bullish cup and handle pattern in the Pepe Coin price, which could signal the start of an upward move. This pattern formed after the price of the top meme coin underwent a major downtrend that started in December and cooled down in March.

PEPE attempted to make a recovery in April, but it again faced rejection at the $0.000014 resistance that is now the neckline of this bullish pattern. The rejection led to the formation of the handle’s parallel channel.

This pattern will mature if Pepe Coin price can flip resistance at the descending parallel channel and then rise above $0.000014. If this happens, a 62% rally will commence, and this could push the price of this token to $0.0000227.

The MFI indicator is supportive of this thesis as it tips north while the price is making lows. This bullish divergence shows that buying pressure is building up even during the downtrend depicted in the downward sloping channel.

At the same time, the ADX is showing weakness in the downtrend that commenced in May until now. If bears lose control, it could pave the way for the price of Pepe Coin to recover if buyers start accumulating at lower prices.