The price of PEPE has risen more than 3% over the past seven days.
The #meme coin may face resistance at $00000092 before retesting ATH.
#Pepe [PEPE] is rapidly approaching all-time highs and could be back in the spotlight.
A bullish pattern is forming on the chart, indicating that the meme coin is likely to outperform ATH. Let's take a closer look at what is happening.
AMBCrypto previously reported that PEPE was heading towards ATH to retest this level. This trend continued as the meme coins got closer to testing ATH.
Indeed, popular crypto analyst Crypto Tony also noted this development in a recent tweet.
As MemeCoin moves towards ATH testing, its price has risen by more than 3.6% over the past seven days.
At the time of writing, meme coins are trading at $0000008732 and have a market capitalization of over $3.67 billion.
With a bullish ascending triangle pattern forming, the likelihood of PEPE outperforming ATH should have increased in the coming days.
On April 1, the price of the coin began to consolidate within the bullish pattern. At that time, PEPE was about to break out of the pattern. Several indicators pointed to a successful breakout.
For example, PEPE's price remained above the 20-day exponential moving average (EMA). The Relative Strength Index (RSI) also recorded a rise, indicating that the price is continuing to rise.
However, some indicators suggest otherwise. The Chaikin Cash Flow Index (CMF) has fallen sharply.
The Money Flow Index (MFI) also declined slightly after a comfortable rise, which may prevent PEPE from breaking above the pattern.
AMBCrypto analyzed Santiment data to see if the indicator supports the possibility of PEPE breaking out of the pattern. Last week, we found that PEPE's MVRV ratio remains positive.
At the time of publication, the value of this indicator was almost 15%. However, open interest in the coin has declined.
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