PEPE hints at a potential breakout from a descending channel, gaining 32% from its seven-day low. Could this rally bring a new all-time high?
PEPE Takes Center Stage in the Memecoin Market
PEPE is capturing attention in the memecoin space, with Dogecoin as its primary competitor. With its value rising, PEPE is approaching a potential breakout rally, indicating a strong upward trend.
Will PEPE’s ongoing bullish trend be strengthened by a broader market recovery, allowing it to surpass its all-time high of $0.00001722? Let’s explore its chances of reaching a new ATH.
PEPE Eyes a Channel Breakout
On the daily chart, PEPE teases a bullish breakout from a descending channel, formed after hitting its high of $0.00001722 on May 27, 2024. Following a 65% drop, the token bottomed out at $0.000005856.
With the broader market showing signs of recovery, PEPE is challenging the resistance line of the channel once again. In the past seven days, it has gained 32.58%, rising from $0.000007717 to its current price of $0.00001023.
This price movement has helped PEPE regain a psychological milestone, but it still faces resistance at the upper channel line and the 50% Fibonacci retracement level.
Technical Indicators Signal Potential for Growth
With a positive crossover in the MACD and signal lines, PEPE’s breakout chances have significantly increased. The 50-day and 200-day moving averages are preparing for a golden cross, highlighting an upward trend.
Will PEPE Reach a New High?
Using Fibonacci retracement, PEPE has the potential to extend its gains beyond the 50% level ($0.00001072). Major resistance lies at the 78.6% level, which corresponds to $0.00001370. A further rally could bring PEPE close to its all-time high of $0.00001722, and in an extended bullish scenario, targets are set at $0.00002145 and $0.00002952, representing a nearly 190% potential increase.
On the downside, key support levels are at $0.0000090 and $0.0000075, which may serve as important levels to monitor if the market declines.
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