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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.