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Meme coin PEPE has been on an impressive rise for some time now. As a result of the broader influx of money into the meme sector and the overall cryptocurrency market that has been moving over the past two weeks, PEPE is currently up 38% in value in the past seven days, outperforming its larger market cap meme counterparts. .
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Interestingly, this impressive price action was witnessed by PEPE Exiting a downtrend pattern Which has continued for the past six months. This important development was highlighted on social media platform X by popular cryptocurrency analyst Captain Faibik.
According to the analyst, PEPE’s price action led to an upward breakout of the symmetrical triangle pattern, a technical formation that dictated its half-year consolidation period.
Breakout from 6-month consolidation pattern
Using the US PEPE/Tether chart Shared on social media Platform The chart showed that since hitting an all-time high of $0.00001717 on May 27, 2024, PEPE has yet to return to that price point. Periods of highs were characterized by the formation of lower highs and higher lows, resulting in the formation of a symmetrical triangle pattern.
PEPE’s recent 38% surge saw the meme coin break out significantly from the upper resistance trend line of the symmetrical triangle. From this point, the only place left to go is up.
The analyst expects a 351% upside to the new ATH
With the breakout confirmed, Captain Vibeke set a bullish price target for PEPE. Regarding the price target, Captain Vibeke noted that PEPE is now clear to rise to a new all-time high. Specifically, he predicted the price target would rise to $0.00003214.
Reaching this price point will require PEPE to enter new price zones. Furthermore, the target price means that PEPE would need to rise by a staggering 351.69% from the breakout point. Given the recent history of the meme coin, such a price rise is very possible, especially as the cryptocurrency industry is now turning… Expect a bullish fourth quarter.
As always with meme currencies, extreme volatility and rapid price changes are expected. This is because Investments in meme currencies It largely depends on the general trend among cryptocurrencies such as Bitcoin, Ethereum, and sometimes Dogecoin (the king of coins).
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At the time of writing, PEPE is trading at $0.00001125, still gaining 38% throughout the past week. Other meme currencies have made similar gains in this time frame. Shiba Inu (SHIB) It rose by 32% Dujoyvat (WIF) It rose 33%, BONK rose 30%, and FLOKI added 23%.
Dogecoin (DOGE), On the other hand, it rose by a smaller 17% in the past seven days. These gains could continue over the next week as the market remains bullish.
Featured image from Rolling Stone, chart from TradingView
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