The Meme PEPE coin has been experiencing an impressive rally for some time now. As a result of a broader influx of funds into the meme coin sector and the overall cryptocurrency market that has been on the move for the past two weeks, PEPE is currently up 38% over the past seven days, outperforming its peers on the meme coins with the largest market capitalizations. .
Related reading
Interestingly, this impressive price action has seen PEPE break out of a downtrend pattern which has lasted for the last six months. This important development was highlighted on social media platform X by well-known crypto analyst Captain Faibik.
According to the analyst, the PEPE price development has resulted in a bullish breakout of a symmetrical triangle pattern, a technical formation that has been dictating its consolidation period for half a year.
Breakout of the 6-month consolidation pattern
Using a PEPE/Tether US chart shared on social networks On platform X, Captain Faibik highlighted the evolution of the PEPE price since the beginning of the year. The chart showed that since reaching its all-time high of $0.00001717 on May 27, 2024, PEPE has yet to return to this price. Periods of rallies have been characterized by the formation of lower highs and lower lows, leading to the formation of a symmetrical triangle pattern.
PEPE’s recent 38% rally has seen the meme coin break out substantially from the symmetrical triangle’s upper resistance trendline. From this point, the only place left to go is up.
Analyst Predicts 351% Increase in New ATH
With the breakout confirmed, Captain Faibik has set a bullish price target for PEPE. In terms of price target, Captain Faibik noted that PEPE is now set to hit a new all-time high. Specifically, he predicted a rally to a price target of $0.00003214.
Reaching this price level would require PEPE to enter new price territories. Furthermore, the price target means that PEPE would need to rise an impressive 351.69% from its breakout point. Given the recent history of the meme coin, such a price increase is very possible, especially as the crypto industry is transitioning towards a predicted a bullish fourth quarter.
As always with meme coins, expect extreme volatility and rapid price changes. this is because investments in meme coins They largely depend on the general sentiment among cryptocurrencies like Bitcoin, Ethereum, and sometimes Dogecoin (the king of meme coins).
Related reading
At the time of writing, PEPE is trading at $0.00001125, still up 38% over the past week. Other meme coins are seeing comparable gains in this time period. Shiba Inu (SHIB) has increased by 32%, Dog hat (WIF) rose 33%, Bonk (BONK) rose 30% and Floki (FLOKI) added 23%.
Dogecoin (DOGE), On the other hand, it has increased by 17% less in the last seven days. These gains could continue into the next week as the market remains bullish.
Featured image from Rolling Stone, chart from TradingView
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.