As the crypto market moves into the green once again, meme coins like PEPE are beginning to see upside, with the promise of major breakouts becoming stronger by the day. PEPE, in particular, has been flashing bullish for a while now as momentum continues to rise with a solid community behind the meme coin. This is one of the things expected to prompt the next wave of double-digit rallies for the cryptocurrency, according to one crypto analyst.
PEPE Price Already Gearing Up For A Breakout
The first thing pointed out in the analysis is the fact that PEPE has already begun to show signs of a possible breakout. This is spurred on by the fact that the chart has formed what looks to be a falling channel pattern. This pattern is historically bullish and is no different when it comes to the PEPE price.
As the crypto analyst explains, a fallen channel pattern often signals that there is a change in the trend coming. Since the PEPE price is yet to break out fully and is still being weighed down by sell-offs, the trend change here could refer to a change toward the more bullish side.
Once this trend reversal is complete, the crypto analyst expects the price of PEPE to almost double from here. However, there needs to be a major increase in the trading volume for this to be sustained. This is because the rise in volume would prop up the price and give an added boost to continue the uptrend.
From here, the analyst sees the PEPE price reaching as high as $0.000022, which would be a 75% increase from the current price. This would still be below its current all-time highs of $0.000028, but it shows a step in the right direction, especially as meme coin mania is looking to resume on the back of the Pump.Fun presale sellout.
Other indicators that the PEPE price is on the path to a breakout include the fact that more investors are coming into the meme coin as the hype grows. So far, there has been a lot of liquidity for the meme coin, with daily trading volumes remaining on he high side. The price volatility has also been a magnetic pull for swing traders, who continue to place their bets on the PEPE price.
As long as the support holds, which has been forming just above $0.00001 since the market recovery began, the PEPE price seems clear-cut for a price rally. The only thing from here would be for the altcoin to actually finish a retest and confirm a breakout from the falling channel, and the push upward should begin.
For now, the analyst highlights that “Traders should keep a close eye on the breakout level and volume spikes, as these will serve as key confirmation signals for the next move.”
Featured image from Dall.E, chart from TradingView.com
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