Pepe Coin (PEPE) is showing promising signs of a potential rebound after a month-long downtrend and a week-long consolidation with intermittent spikes.

Technical Indicators Signal Buy

According to technical and on-chain crypto analyst Ali Martinez, the TD Sequential indicator is flashing a buy signal on the weekly chart. This signal, combined with other indicators, suggests that PEPE might be set for a recovery.

In addition to the TD Sequential indicator, PEPE is displaying other signs of a potential rebound. Its market capitalization has risen by approximately 2% to $4.12 billion in the last 24 hours, indicating renewed investor interest. Furthermore, the 24-hour trading volume has surged by 21.67%, reaching $975.99 million, suggesting that traders are entering the market.

Ascending Channel and Fibonacci Retracement Level

Other analysts, such as CryptoELITES, are also signaling a potential rebound for PEPE. A recent chart shared by the analyst highlights that PEPE’s price is moving within an ascending channel, following a parabolic trajectory. After a recent pullback, it appears to have found support at the 0.786 Fibonacci retracement level, priced at 0.00008392 USDT. This suggests the possibility of continued upward momentum.

Pepe is about to make a big move very soon! Short-term target: 8X

CryptoELITES has set a short-term target of an 8X price hike, indicating a potential significant increase in value.

Centralization and Market Influence

As PEPE seems to be gearing up for a major price surge, it’s worth noting that 37% of the total supply is currently being controlled by the top 10 wallets. The largest wallet alone holds 13% of the supply. This indicates a degree of centralization, meaning a small group of holders has significant influence over the token’s market.

If you’re interested in staying up-to-date with the latest cryptocurrency news and trends, be sure to check out more articles on Global Crypto News.

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