A key classic technical indicator pattern indicates a strong bullish outlook for the PEPE market, suggesting that the Ethereum meme coin could experience a monumental 300% price increase in the fourth quarter of 2024.
PEPEâs Symmetrical Triangle Hints At 300% Gains Ahead
The Pepe Coin (PEPE) price has been closely watched by traders and experts alike after slumping below an important support level. Despite the decline setting a new low for September, some analysts are still optimistic about a potential price rally for the meme coin.
One crypto analyst, Captain Faibik, on the X microblogging site suggests that PEPE is poised for a mega rally in Q4 2024, noting that the token is currently consolidating inside the bullish symmetrical triangle pattern.
â$PEPE Still Consolidating inside the Bullish Symmetrical Triangle $ Still Iâm Bullish on it..!! Looks Primed for another +300% Bullish Rally in Q4,â the pundit wrote.
$PEPE Still Consolidating inside the Bullish Symmetrical Triangle & Still I'm Bullish on it..!!|Looks Primed for another +300% Bullish Rally in Q4..#Crypto #PEPE #PEPEUSDT pic.twitter.com/H6A3Qy8JB2
â Captain Faibik (@CryptoFaibik) September 10, 2024
A symmetrical triangle represents consolidation within a narrowing price range. The market normally builds energy during consolidation, ultimately unleashing it in the direction in which the range is resolved. In most cases, symmetrical triangles end with a bullish breakout.
The breakout target of a symmetrical triangle is calculated by measuring the maximum distance between its upper and lower trendlines and adding it to the breakout point. Applying the same to PEPEâs chart brings its upside target to about 300% from the current price levels, as noted by Captain Faibik.
PEPE slid 3.3% on a 24-hour basis to trade for $0.000007171 at the time of writing and is sitting at a market capitalization of $3.016 billion. It is up some 1.8% in the last week overall, according to data provider CoinGecko.
In the meantime, any decisive breakdown below the lower trendline risks invalidating PEPEâs 4th quarter bullish scenario.
