Pepe Coin price eyes a rebound as whales buy and rare pattern forms

The main catalyst for the Pepe Coin price is the Ethereum (ETH) breakout. As crypto.news wrote, there are high chances that Ethereum price will go parabolic and hit the psychological point at $4,000 in the coming months.

An Ethereum rally to $4,000 would be highly bullish for Pepe and other meme coins within its ecosystem.

Pepe Coin price technical analysis Pepe price chart

The daily chart shows that Pepe has further upside potential in the months ahead. It has already broken out above the upper boundary of a falling wedge pattern, a classic bullish reversal indicator.

Pepe is now approaching the 38.2% Fibonacci retracement level at $0.000014 and a major support/resistance level based on the Murrey Math Lines tool.

Most notably, the token has formed a golden cross pattern, which happens when the 50-day and 200-day Exponential Moving Averages cross each other.

The Average Directional Index is pointing upward, indicating strengthening momentum. As a result, Pepe is likely to continue rising, with bulls eyeing the key resistance at $0.00001624, its highest level in June. A drop below support at $0.000010 would invalidate the bullish outlook.