PEPE Gearing Up For New All-Time High 🚀
Pepe has been one of the best-performing crypto tokens in this cycle so far.
After breaking out of an inverse head and shoulders pattern at the beginning of May, Pepe reached a top of 0.0000179. At the time, buyers lost some steam, and the token entered into a consolidation.
Here are two reasons why Pepe could have reached the local bottom and aims for a new ATH soon.
1️⃣ Technical Indicators: Pepe has flashed a bullish MACD crossover on the daily chart. This signal is reliable, especially in higher timeframes. Backtests show that in 70% of all occurrences, the price rose by more than 10% right after.
2️⃣ Chart Setup: Pepe is forming a nice U-formation on the daily chart with its bottom at 0.00001.
If $PEPE follows this pattern and gets fueled by bullish indicators, a re-visit of the previous ATH is likely.
Based on the current level, this results in a profit potential of 35% - 40%.
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