The cryptocurrency market is exhibiting a cautious sentiment as it awaits the Federal Reserve's meeting today, with a potential interest rate cut being the primary focus. Both Bitcoin (BTC) and Ethereum (ETH) are currently trading lower, down by over 3% each, which is exerting mild pressure on major memecoins, including Pepe (PEPE).
Despite the general market downturn and Pepe's (PEPE) 25% decrease over the past month, its chart suggests a different narrative. An emerging fractal pattern indicates that the popular frog-themed token might be positioning itself for a rebound phase, reminiscent of a recent surge seen in another memecoin favorite, Official Trump (TRUMP).
PEPE Mirrors TRUMP’s Price Behavior
According to a fractal comparison shared by crypto analyst MAX, PEPE's current market structure closely resembles the recent recovery pattern observed in TRUMP. Following a market crash on October 10, TRUMP experienced a significant decline to approximately $1.50. However, it subsequently achieved a remarkable comeback, reaching $8.35, which marked a strong recovery phase.
Notably, PEPE is exhibiting similar price action. After hitting a low of $0.00000278 on October 10, the token has already seen a bounce to $0.0000069, reflecting the early recovery structure that TRUMP displayed prior to its sharp rally. The side-by-side comparison chart clearly illustrates this resemblance; while TRUMP has already completed its significant bounce, PEPE's current consolidation phase appears to be a precursor to a potential upward movement.
What’s Next for PEPE?
If this fractal pattern continues to develop as observed, PEPE could be on the verge of a rebound towards the $0.000010 level. This represents a potential upside of 48% from its current price. However, traders are advised to approach this setup with caution. Fractals are based on historical price patterns and are not guaranteed indicators of future performance. Broader market sentiment, the movement of Bitcoin, and overall risk appetite will be crucial factors in determining whether PEPE can successfully replicate TRUMP's bullish trajectory.
For the time being, the technical similarities are striking. If market conditions prove favorable, PEPE could emerge as one of the next memecoins to surprise traders with a significant recovery.