Pepe (PEPE) memecoin appears to be consolidating within a tight range after a recent breakout. This is setting the stage for a significant recovery.
World of Charts noted that the formation of a bullish pennant could signal an impending upward movement. It could potentially lead to a rally of 200% following a successful breakout.
The analyst’s chart analysis reveals a pattern resembling a bullish pennant. Over the last few months, specifically since May, the price has been consolidating. It has been having a series of lower highs and higher lows that create a symmetrical triangle.
This consolidation typically indicates a pause before a breakout, which, in this scenario, suggests a bullish trend may be on the horizon.
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Ongoing Resistance Breakout (Weakening of Resistance)
The chart indicates the price is attempting to break above the upper trendline of the pennant. If it happens we could see the beginning of a new upward momentum.
The analyst notes that based on the measured move from the pennant formation, the target projection stands at approximately 0.000030 USDT.
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This projection represents a potential gain of about 174.25% from the breakout point, closely aligning with World Of Charts’ expectation of a 200% upside after a successful breakout, reflecting heightened bullish sentiment.
The breakout from the pennant presents an ideal entry point for traders looking to take bullish positions. A daily close above the trendline would confirm the breakout and minimize the risk of a false move.
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The post Pepe Meme Coin Eyes 200% Rally as 6-Month Price Resistance Weakens appeared first on CaptainAltcoin.
