Pepe (PEPE) winks at the rally: Breakout is imminent!
A rally is expected for Pepe (PEPE), which has formed an ascending triangle formation on the price chart.
It was claimed that the frog-themed memecoin, which was launched on the Ethereum blockchain, will reach its all-time high (ATH).
AMBCrypto, who said, âBoth whales and individual investors are accumulating PEPE and expecting an increase,â suggested that PEPE could rise to $ 0.00001725.
A bullish signal came from PEPE, which increased by 16.11 percent on the weekly chart. PEPE could break a new record if it breaks out of the current ascending triangle formation.
According to the analysis, the price levels that work as resistance and support zones formed a symmetrical triangle. PEPE, which recently found strength from the support level of $ 0.00000701, reached the upper resistance of the triangle formation at $ 0.00000876. The resistance point in question has aligned with a potential trend resistance.
The symmetrical triangle formation, which indicates a potential rise, is on the verge of breaking, while the selling pressure has also decreased. The analysis interpreted the formation as follows;
âThere needs to be a break above the upper resistance line. Successfully breaking this level could lift memecoin to the 2024 high of $0.00001725 or the mid-level target of $0.00001307.â
The analysis, which stated that $PEPE would decline if the resistance in question could not be broken, argued that the support at $0.00000701 was important.
In the analysis examining the Relative Strength Index (RSI), it was stated that the data would support the rally. The analysis touched on the following;
âRight now, the RSI is showing an upward trend with a value of 56.75 and indicates that the price will follow this trend. An uptrend in the RSI usually precedes a potential rise in the asset's price.â
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