Pepe Escapes Symmetrical Triangle - Will $1 PEPE Follow Him?
The native Pepe the Frog ($PEPE) coin has been on a rise this year, in part due to Elon Musk, and has seen a bullish technical event that could lead to a short-term rally.
The Tesla CEO boosted his entire digital asset portfolio based on Pepe the Frog last week by changing his profile picture to “Kekius Maximus,” a meme depicting Matt Furie’s iconic Roman soldier image.
This was a clear nod to Gladiator II, and the combination of Pepe the Frog, the movie, and Elon himself helped boost the value of PTF-themed coins like PEPE ($PEPE).
This meme coin has gained 11.2% in seven days.
PEPE is the third most valuable cryptocurrency in this category with a market cap of $8.7 billion, demonstrating its popularity and passionate fan base.
Meanwhile, Shiba Inu (SHIB), Dogecoin (DOGE), and Penguins (PENGU) saw price increases of 11.3%, 20.4%, and 44% as late buyers entered the area after prices dropped from peak levels.
$PEPE USD breaks symmetrical triangle, may gain 69% soon
PEPE's breakout of the symmetrical triangle formation on December 31 is its most positive indicator.
The price of the asset rose by 8% and trading volumes doubled, indicating investor optimism after this technical event.
Since buyers reversed the recent decline, this breakout usually signifies a trend reversal. The high volume on the day of the breakout shows that investors value this price level.
Since that breakout, BB ($43) has gained 3.9% and could soon reach its previous high. At the moment, the 0.00002836 level is the biggest obstacle.
If the price rises above this level, Pepe could quickly rise to the 0.00003500 level, which is a gain of 68.8% from today’s values. The RSI also supports this idea as the oscillator has broken through the signal line.