Meme coin PEPE has been on an impressive tear, surging 38% in the last seven days. This rally has seen PEPE break out of a six-month downtrend pattern, sparking predictions of a significant price surge.
Breakout from Consolidation Pattern
According to crypto analyst Captain Faibik, PEPE's price action has resulted in an upward breakout from a symmetrical triangle pattern. This technical formation has dictated PEPE's consolidation period for half a year.
Chart Analysis
A PEPE/Tether US chart shared by Captain Faibik shows PEPE's price action since the beginning of the year. The chart highlights the formation of lower highs and higher lows, leading to the symmetrical triangle pattern. PEPE's recent rally has seen it break out substantially from the upper resistance trendline.
Bullish Price Target
Captain Faibik predicts a rally to a new all-time high of $0.00003214, representing a 351.69% surge from the breakout point. This price target would necessitate PEPE entering new price territories.
Market Context
PEPE's gains are part of a broader influx of funds into the meme coin sector and the overall cryptocurrency market. Other meme coins, such as SHIB, WIF, BONK, and FLOKI, have also seen significant gains.
Volatility Alert
Investors should remain cautious, as meme coins are known for extreme volatility and rapid price changes.
Current Price
At the time of writing, PEPE is trading at $0.00001125.
Sources
- Rolling Stone
- TradingView
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