Pepe coin has seen a notable resurgence after climbing almost 50% this month. However, its price has dipped 2% today. Could this be a signal that momentum is shifting bearish, or is Pepe destined for new highs?

Another project showing significant bullish momentum is Meme Kombat, a utility-driven meme coin undergoing a presale. Numerous analysts are backing this to outperform Pepe in the coming weeks due to its strong community and tokenomic advantages.

Pepe Technical Analysis Points to Further Pullback, but Traders Remain Optimistic

On the surface, the 4-hour Pepe chart looks significantly bullish, having broken above a crucial resistance following a prolonged capitulation.

However, despite its pullback from its highs in late October, Pepe’s trading volume is following a downtrend alongside its relative strength index (RSI) indicator. What’s more, Pepe has also broken below the 20-day EMA.

These factors display bearish momentum since there is diminishing interest in Pepe despite the pullback. Still, its price has yet to retest its previous resistance level of $0.00000107, making it a crucial level to watch. If the price reacts positively with a bullish engulfing candle, for instance, we could see higher highs.

However, a lack of buyer interest at this level could result in a break below and a move to the next level down at $0.00000085.

That said, traders remain overarchingly bullish on Pepe’s price potential. According to TradingView analyst Ifiok-2sydes, Pepe has broken a falling channel. This is a strong indication of a price reversal, with the trader predicting a move to $0.00000184.

Bithereum_io shares the previous trader’s bullish sentiment, noting that Pepe is moving towards breaking the daily 100-day moving average. According to the analysis, this could propel Pepe to $0.000002.

On the other hand, analyst Yusakudo_yle predicts a sell-