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Could PEPE Be Set for an Imminent Breakout? Analyst Weighs In

source-logo  coinedition.com 11 February 2024 10:46, UTC

Technical analyst Ali Martinez posted on February 10 that Pepe (PEPE) has issued a buy signal on the 3-day timeframe. To make this conclusion, Martinez had formed a Head-and-Shoulder (H&S) pattern on the said chart.

For context, an H&S pattern appears when a set of three peaks and troughs is formed. Here, the peak at the center represents that head while the other two indicate the shoulder. From the chart Martinez shared, the pattern has signaled a bearish-to-bullish reversal for PEPE.

$PEPE is currently showing signs of forming the right shoulder of a head-and-shoulders pattern on its 3-day chart. Additionally, the TD Sequential indicator has issued a buy signal within this timeframe, suggesting an anticipated bullish impulse for #PEPE. pic.twitter.com/brSr7uln3z

— Ali (@ali_charts) February 10, 2024

Indicators Hint at a Solid Rally

Another indicator that reinforced the prediction was the Tom DeMark (TD) Sequential. According to the analyst, the TD Sequential showed that the bearish trend had been exhausted and the time for a bullish reversal was here already.

If Martinez’s prediction comes to pass, then PEPE’s price might increase by 64.35%. Should this be the case, the token price could hit $0.00000280 in the short to mid-term.

In addition, this was not the first time the analyst predicted a jump in PEPE’s value. On January 11, Martinez opined that the meme coin might advance toward $0.0000016.

$PEPE appears to be breaking out from a descending parallel channel, which suggests #PEPE could advance toward $0.0000016 or even $0.0000019! pic.twitter.com/Emnz0W4BvR

— Ali (@ali_charts) January 11, 2024

Coin Edition also discussed how PEPE’s recovery was near since bears were showing signs of exhaustion. Therefore, the buy signal predicted by the analyst aligned with what the outcome of our analysis suggested.