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PEPE is teasing a potential breakout from a falling channel pattern, with a 32% gain from its 7-day low. Could this rally lead to a new all-time high?
PEPE is ready to steal the spotlight with the meme coin segment surging under the Dogecoin leadership. As it prepares for a breakout rally, the trend reversal in PEPE price reveals a massive upside.
Will PEPE’s bullish trend surge with the broader market recovery to surpass the all-time high of $0.00001722? Let’s find out the chances of PEPE creating a new ATH.
PEPE Eyes Channel Breakout
In the daily chart, the PEPE meme coin is teasing a bullish breakout rally of a falling channel pattern. The meme coin formed the channel after registering an all-time high of $0.00001722 on May 27, 2024.
During the subsequent pullback, PEPE saw a 65% decline, bottoming out at $0.000005856. However, the price bottoming out at such low levels delayed the breakout of the falling channel’s support trendline.
With the broader market now showing signs of recovery, PEPE is once again challenging the overhead resistance trendline. The meme coin has surged by 32.58% from its 7-day low of $0.000007717 to its current market price of $0.00001023.
This recent price move has allowed PEPE to reclaim a psychological milestone, removing a zero from its trading price. However, it still faces resistance at both the overhead trendline and the 50% Fibonacci retracement level.
Technical Indicators Signal a Potential Buying Opportunity
With the MACD and signal lines giving a positive crossover, the overall chances of a breakout rally for PEPE have significantly increased. As the buying pressure increases, along with the breakout chances, the 50-day and 200-day simple moving averages are preparing for a golden crossover.
The 50-day and 200-day EMAs continue to have bullish trends, which means the short-term and long-term price trends remain bullish. However, in the last 100 days, the simple moving average has maintained a declining trend, reflecting a medium-term bearishness.
However, the breakout rally is expected to refresh the trend sentiment if the broader market recovers.
Will PEPE Reach New All-time High?
Looking at the Fibonacci retracement levels, PEPE has the potential to extend its gains past the 50% retracement level at $0.00001072. The next significant level of resistance comes at the 78.6% Fibonacci level, which corresponds to a price of $0.00001370, marking a 35% upside from its current price.
A further extension of the rally could bring PEPE closer to challenging its all-time high near $0.00001722. In an extended bullish scenario, price targets above the ATH are set at $0.00002145 and $0.00002952, representing potential upside of nearly 190%.
On the downside, key support levels for PEPE are located at $0.0000090 and $0.0000075, which could act as crucial levels to watch in case of a market pullback.