The buying spree of $PEPE whales could trigger a 55% rally. Pepe price is showing signs of a potential reversal as it retests a falling resistance level.

A successful breakout could trigger a 56% rally as whales continue to pile in on dips.

A break of the $0.00000881 support level will invalidate the meme coin's bullish thesis.

Recent price action for Pepe (PEPE) suggests its consolidation is coming to an end, but exit confirmation is needed before PEPE moves higher. While the bullish outlook may seem encouraging, there are many considerations that investors need to understand before buying this meme coin on dips.

Pepe's price has traded between $0.00000581 and $0.0000109 for about seven weeks. This consolidation produced a deviation from the lower boundary of the range and was followed by a rapid recovery above the lower boundary of the range.

Moving forward, investors can expect the lower boundary of the recently flipped range to serve as a floor of support and initiate the next uptrend.

So far, Pepe price is hovering above the lower end of the range at $0.00000896 and showing signs of an early increase in buying pressure.

If this bullish momentum is sustained, investors can expect PEPE to retest the falling resistance level and surpass the resistance level linking the lower highs formed since March 14.

This move will serve as confirmation of a breakout and will start Pepe price reaching the midpoint of the $0.00000900 range.

If the buying spree continues, Pepe's price could reach the upper end of the range at $0.0000109, resulting in a 56% gain.