The recent market downturn in the crypto market has caused meme coin PEPE to reach oversold levels, based on the Relative Strength Index indicator. This is only the third time PEPE has reached oversold levels on the daily candlestick timeframe. Historical data shows that in the previous instances, PEPE experienced a period of consolidation followed by a strong recovery. This suggests that the recent price crash could be a precursor to a bullish price action. PEPE is one of the youngest meme coins with a large market cap and has rarely dipped into oversold territory, making the current oversold status significant. In the past, PEPE entered a consolidation phase lasting approximately one month before rebounding with an uptrend. The current oversold condition could potentially serve as an accumulation window for investors, with a potential rally anticipated to begin on March 10. If historical patterns repeat, PEPE could attempt to surpass its previous all-time high. Currently, PEPE is trading at $0.000009544, significantly below its all-time high.



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