Pepe (PEPE) price analysis

(note: the post contains data by Coingape)

After rising to a new all-time high of $0.00001717 on May 27, the frog-themed meme coin is back on the move. It has in the last 24 hours, sustained a modest 2.7% increase to exchange at $0.00001475 toward the end of the European session on Thursday. Based on CoinGecko data, PEPE is climbing quickly to reclaim the all-time high as support while bulls look toward a breakout to $0.00002.

The four-hour chart reveals an ascending triangle pattern, which if validated can lead to a 15% move in the price of Pepe. This triangle has been forming as the token consolidate in the wake of the rally to the record high.

An ascending trend line affirms the strengthening bullish grip while the horizontal line or x-axis represents the resistance. Bulls have tried to break through this hurdle with no success.

Nonetheless, the triangle is still valid as long as the price is within its boundaries. Traders would be ready with buy orders slightly above the x-axis. Such a breakout should be accompanied by high volume. The 15% move will propel PEPE price to $0.0000178 and possibly create FOMO among investors wishing to jump onto the trend. This triangle can be the beginning of a larger rally above $0.00002.

Conversely, immense selling pressure could engulf Pepe if the ascending trend line weakens, paving the way to a breakdown. Two levels; $0.000014 and $0.000013 will come in handy and may stop the fall but traders cannot rule out an extended move to $0.00001 just yet.

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