Pepe Coin (PEPE) price is showing renewed strength after it registered significant increases in the past 24 hours. At the time of writing, token is priced at $0.00000657, recording a 24-hour increase of 8.51%. Token registered a high trading volume of $1.37 billion, with a market value of $2.69 billion and market dominance of 0.09%.
PEPE Bounce May Be Retested
According to a recent post by Ali Charts, PEPE has experienced a sharp rebound following its recent decline. However, the analysts caution that the current recovery might also prove to be a retest of the preceding breakdown. This happens in technical trading patterns before a subsequent market movement.
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PEPE Launches Bullish Impulse Above $0.000004
Technical analysis data indicate that PEPE has started a bull impulse move from the level of $0.000004, which has shown a gain of almost 50% from that area. The observed uptrend represents the possible start of a general price formation pattern on higher time frames. The price dynamics indicate that the purchase momentum has been restored after token protected critical levels.
One of the more significant events that occurred is that PEPE successfully tested and reclaimed the resistance level of the former channel that was broken, which has since become a level of support. This typically indicates that those selling the token are less in control, whereas the buyers are regaining strength.
Based on the breakout and retest pattern, a technical target of approximately $0.0000015. Based on the pattern formation, this breakout could mark the beginning of a possible 500% increase in the value, which would come from the original point of the breakout.
As PEPE manages to find support at major levels, investor sentiment is expected to be keen on whether the meme coin is able to continue its revival trend over the coming trading sessions.
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