Pepe (PEPE) is expected to rise in price, forming an ascending triangle pattern on the price chart.
It is believed that the frog-themed memecoin, which launched on the Ethereum blockchain, will hit an all-time high (ATH).
AMBCrypto, who said âBoth whales and retail investors are accumulating PEPE and expecting a rise,â suggested that PEPE could rise to $0.00001725.
A bullish signal comes from PEPE, which is up 16.11 percent on the weekly chart. PEPE could break a new record if it breaks the current ascending triangle pattern.
According to the analysis, the price levels acting as resistance and support zones have formed a symmetrical triangle. PEPE, which recently found strength from the support level at $0.00000701, has reached the upper resistance of the triangle pattern at $0.00000876. The resistance point in question has aligned with a potential trendline resistance level.
The symmetrical triangle pattern, which shows potential upside, is on the verge of breaking out, while selling pressure has also decreased. The pattern interpretation analysis is as follows;
âA break above the upper resistance line is required. A successful break of this level could take memecoin to the 2024 high of $0.00001725 or the intermediate target of $0.00001307.â
The analysis, which states that $PEPE will decline if the resistance level in question fails to break, argues that the support level at $0.00000701 is important.
In the Relative Strength Index (RSI) analysis, it is stated that the data will support the bullish trend. The analysis mentions the following;
âCurrently, the RSI is showing an upward trend with a value of 56.75, indicating that the price will follow this trend. An upward trend in the RSI usually precedes an increase in the price of an asset.â
