PEPE's breakout flag pattern targets $0.00002750, with buying volume signaling bullish continuation.
Key levels: $0.00002080 as support and $0.00002100 as resistance; RSI indicates room for growth.
Volume surged post-breakout, validating market momentum; next move could strengthen bullish surge.
According to analyst Javon, PEPE ($PEPE) has recently demonstrated notable bullish movement. The cryptocurrency displayed a bullish flag pattern, often indicative of a continuation in upward momentum.
https://twitter.com/JavonTM1/status/1863660470390923411
Supporting this breakout, a surge in buying volume was observed, especially during the flag's formation and subsequent breakout. Javon suggests PEPE's target price could reach $0.0000375, approximately 87% higher than its present level.
Bullish Flag and Price Movements
PEPE's price movement shows a bullish flag pattern, beginning with a sharp upward surge followed by a consolidation phase. This consolidation, forming a downward-sloping channel, spanned between $0.00001760 and $0.00002080 before breaking upward.
The breakout implies a potential price replication of the preceding surge, targeting $0.00002750. At the breakout moment, the price was approximately $0.00001980, and it has since continued its upward momentum.
Key resistance and support levels have been identified within this pattern. Notably, $0.00002080, the breakout point, now serves as short-term support, while $0.00002100 is the immediate resistance.
Volume Trends Validate the Breakout
During the flag's formation, declining volume indicated reduced market activity. However, as PEPE's price broke out, buying volume surged, supporting the breakout's validity. Analysts emphasize that such volume behavior is a strong indicator of market participation and momentum, further strengthening the case for bullish continuation.
Additionally, if volume sees another surge, PEPE's upward trajectory could gain further momentum, reinforcing its current trend. The volume breakout adds another layer of confidence for traders tracking this asset.
Indicators and Momentum Signals
PEPE's technical indicators align with its bullish narrative. The RSI, currently at 55.41, indicates mild bullish momentum while leaving room for further growth. Meanwhile, the MACD suggests low momentum, but its proximity to a bullish crossover highlights potential upward movement.
Source: TradingView
On the second chart, volume levels are marked at 1.52T, reflecting relatively low activity. However, this might change if price action gains strength. Support at $0.00002000 remains strong, while resistance near $0.00002100 could pave the way for further rallies if breached.
