Memecoins have become a hot topic in the crypto space, with traders and investors developing a liking for this crypto token. One famous memecoin is PEPE, which is tipped to overthrow DOGE.

PEPE has lost over 80% of its all-time high, and its price could fall further as bears remain in control.

Key Levels To Watch- 50 DMA And 200 DMA

The price of PEPE has dropped significantly from its all-time high, reducing its marketcap to a region of $3 billion. This highlights that the past few months saw the bears dominating the price to the downside, with bulls having little participation in the apex.

However, altcoins have shown some great price rebounds in the last few weeks, and PEPE could be next in line to show a strong rebound from its downtrend. If the price of PEPE breaks above its 50-day and 200-day EMAs, we could see the price resume its rally as bulls would be willing to buy into PEPE for a potential rally to the upside.

As the price of PEPE shows signs of a breakout, traders and investors will pay attention to the price action, as PEPE’s price must show convincing price action above $0.00001 for a bullish continuation.

“Remember when everyone was hyped about $PEPE ?

On the higher time frame, $PEPE has now landed on weekly support — and it’s printing a clear double bottom “W” pattern across multiple lows.

If the price can break out from here, it could confirm a major trend reversal. That would be a strong signal for a potential entry.”

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Remember when everyone was hyped about $PEPE ?

On the higher time frame, $PEPE has now landed on weekly support — and it’s printing a clear double bottom “W” pattern across multiple lows.

If the price can break out from here, it could confirm a major trend reversal. That would be a…

— Boboobtc (@Boboobtc) April 14, 2024

The possibility of PEPE breaking out of its weekly double-bottom price to the upside could signal a renewed price rally. PEPE has the potential to trade towards a market cap of $30B to $40B in the bull market, which could put its price close to a possible 28x rally.

Overall, PEPE has the potential to rally towards a marketcap of $60B if not in this bull market but in the next few cycles, as the frog-themed crypto memecoin in the past few months of its price rally has caught the attention of investors and traders.