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Crypto analysts are drawing attention to the PEPE coin, calling it a substantial buying opportunity after a significant price drop. Over the last few months, the token has experienced a dramatic decline of over 77% from its peak in December. However, many experts now believe the price may be poised for a resurgence due to favorable technical indicators and solid fundamentals.
Several important metrics confirm the PEPE coin's potential recovery. The Mean Dollar Invested Age (MDIA) tracks coin purchases by analyzing average age weighted by investment amounts. In 2023, PEPE achieved its all-time high MDIA value, indicating that many investors sustain their positions. Based on these data points, long-term holders maintain a sense of confidence and stability.
A report from CoinGlass further supports this view, indicating that the futures open interest (OI) for PEPE coin may have reached its lowest point. The $335 million maximum peaked on March 28 yet declined to $195 million during the recent crypto market decline. The stabilizing OI signals upcoming price recovery potential because investors now show increasing trust in the asset.
In addition to these fundamental factors, PEPE coin's technical charts also show signs of a potential bullish breakout. The price chart has two vital trading patterns, which analysts identify as the falling wedge and double-bottom formation.
A falling wedge pattern formed during previous months indicates future upward price movement when the price exceeds the converging trendlines. The two lines of this wedge have converged at a key support level around $0.0000060, which has also served as the lowest point for PEPE coin since August of the previous year.
Moreover, a giant double-bottom pattern has formed another bullish signal. A smaller double-bottom pattern recently emerged with a neckline at $0.0000092, further confirming the technical outlook. If the price crosses this neckline, the next target is the 50% retracement level at $0.00001715, which is a rise of approximately 173% from its current level.
Research analysts believe PEPE coin will grow in value strongly with multiple positive technical and fundamental aspects coinciding favorably. The main support level investors should track is the $0.00000595 double bottom formation.
Price stability above this point opens the possibility of a significant market rebound. Several analysts are optimistic about PEPE coin's future because the support level at $0.00000595 holds strong however, they warn that a price decrease beneath it would challenge the positive forecast.
