Can we witness a PEPE breakout in the nearest future?
As the third biggest meme coin in the industry, the Pepe has a market cap of $1.16 billion. Currently, the meme coin is trading at $0.00001055, asserting dominance over the psychological mark.
PEPE has increased by 2.34% in the past 24 hours and teases a cup-and-handle pattern breakout in the daily chart. The neckline of the trend continuation pattern aligns with the 50% Fibonacci level at $0.00001670.
With a bullish bounce back from the 50-day EMA, the ongoing bull cycle is close to approaching the neckline level. With a golden crossover in the 50-day EMA gaining momentum, the daily RSI line continues an uptrend above the 50% line. Hence, the technical indicators support the possibility of an upside continuation.
Based on the Fibonacci levels, the cup-and-handle pattern breakout will likely reach the 100% Fibonacci level at $0.00001697. Optimistically, if the bullish trend continues by the end of the month, the 1.2725 Fibonacci level at $0.00001943 is a potential price target.
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