PEPE's rising wedge pattern hints at 70% gains ahead
Claim Instant $200 USD Worth of, 200,000 DUNKI MUNKI Memecoins Free At WWW.DUNKIMUNKI.XYZ
Pepe (PEPE) bounced 17.85% two days after forming a local low at around $0.00001300, as
Cointelegraph anticipated earlier, and currently trading for as high as $0.00001340 on June 12.
This rebound accompanied a rise in trading volumes, indicating stronger conviction among traders, which can further fuel the upward momentum.
At least three indicators indicate a strong bullish outlook for the PEPE market, suggesting that the memecoin could experience a significant 50% price increase by June's end. Let’s explore these potential catalysts in detail.
PEPE's rising wedge pattern hints at 70% gains ahead
As of June 11, PEPE's price was hovering around the lower trendline of its current rising wedge pattern, indicating potential support and a likely rebound toward the upper trendline at around $0.00002661, up approx. 70% from the current price levels.
Rising wedges usually resolve when the price breaks below the lower trendline, accompanied by increased trading volume, leading to a significant drop.
However, PEPE’s ongoing rebound from the trendline indicates that such a breakdown is not imminent.
Two critical support levels near the wedge’s lower trendline support this potential rebound: the 50-day exponential moving average (50-day EMA; the red wave) and the 1.0 Fibonacci retracement line.
Nevertheless, a break below this support confluence could trigger a bearish scenario, with possible downside targets ranging between $0.00000283 and $0.00000642 by June's end or in July, depending on the breakdown point.
Whale accumulation signals market confidence
PEPE's market shows bullish signs due to its largest investors' continued accumulation and holding behavior.
The percentage of PEPE supply held by the largest holders—1 billion or more—remains relatively stable, fluctuating slightly around the 96.02% mark.
#PEPE #Pepecoin #Bitcoin #Ethereum #Memecoin $PEPE $BTC $ETH
