PEPE has surged nearly 4% in 24 hours, is it about to take off?
Pepe Coin has been quite popular recently, with a 24-hour increase close to 4%. Previously, it had fallen to a low of $0.00001964.
The good news is that it has successfully broken out of a long-term bullish triangle consolidation pattern, with a weekly increase of 85.6%, and the current price is approximately $0.00002057, which looks like it is gathering strength to prepare for a breakout.
However, the resistance level at $0.00002300 is difficult to break through; it serves as a psychological barrier where many people will hesitate to sell for profit. Additionally, large holders have been gradually exiting, and the number of transactions has significantly decreased, which also increases the difficulty of breaking through.
Nevertheless, there is a possibility for Pepe Coin to break through; if it can, its increase may exceed 1000%. This is because it is currently in an upward trend, having broken through a long-term symmetrical triangle pattern, and there is also increased trading volume and parabolic curves as support, with technical indicators showing it has upward momentum.
Elon Musk has mentioned Pepe Coin on Twitter, which has greatly increased its exposure, as his tweets often stir the market, and everyone is hoping that when he next tweets related content, it will bring bullish sentiment.
Pepe Coin has performed well in trading volume among the top 20 cryptocurrencies by market capitalization, and it has also been listed on major trading platforms like Coinbase and Robinhood. Furthermore, the price of Bitcoin has a significant impact on Pepe Coin; if Bitcoin continues to surge, Pepe Coin may set a new historical high.
