PEPE Confirms Breakout From Symmetrical Triangle: How Far Can It Go?
29 Settembre 2024 - 8:30PM
NEWSBTC
Meme coin PEPE has been on an impressive rally for some time now.
Stemming from a broader influx of funds into the meme coin sector
and the overall cryptocurrency market that has been in motion for
the past two weeks, PEPE is currently up by 38% in the last seven
days, outperforming its meme coin counterparts with larger market
caps. Related Reading: UNI Surges 30% Amid Ongoing On-Chain
Development Talks Interestingly, this impressive price action has
seen PEPE breaking out of a downtrend pattern that has lasted for
the past six months. This significant development was highlighted
on the social media platform X by well-known crypto analyst Captain
Faibik. According to the analyst, PEPE’s price action has resulted
in an upward breakout from a symmetrical triangle pattern, a
technical formation that has been dictating its consolidation
period for half a year. Breakout From 6-Month Consolidation
Pattern Using a PEPE / Tether US chart shared on social media
platform X, Captain Faibik highlighted PEPE’s price action since
the beginning of the year. The chart showed that since it reached
its all-time high of $0.00001717 on May 27, 2024, PEPE has yet to
return to this price point. Periods of rallies have been
characterized by the formation of lower highs and higher lows,
leading to the formation of a symmetrical triangle pattern. PEPE’s
recent 38% rally has seen the meme coin break out substantially
from the upper resistance trendline of the symmetrical triangle.
From this point, the only place left to go is up. Analyst Predicts
351% Surge To New ATH With the breakout confirmed, Captain Faibik
has set a bullish price target for PEPE. In terms of a price
target, Captain Faibik noted that PEPE is now clear for a rally to
a new all-time high. Specifically, he predicted a rally to a price
target of $0.00003214. Getting to this price point would
necessitate PEPE stepping into new price territories. Furthermore,
the price target means PEPE would need to surge by an impressive
351.69% from its breakout point. Given the meme coin’s recent
history, such a price surge is very possible, especially as the
crypto industry is now transitioning into a predicted bullish
fourth quarter. As always with meme coins, extreme volatility and
rapid price changes are expected. This is because investments in
meme coins largely depend on the general sentiment among
cryptocurrencies like Bitcoin, Ethereum, and sometimes Dogecoin
(the king of meme coins). Related Reading: XRP Set To Soar
Nearly 900% To $31, Analyst Highlights Key Resistance At the time
of writing, PEPE is trading at $0.00001125, still on a 38% gain
throughout last week. Other meme coins are on comparable gains in
this time frame. Shiba Inu (SHIB) is up by 32%, Dogwifhat (WIF)
rose by 33%, Bonk (BONK) climbed by 30%, and Floki (FLOKI) added
23%. Dogecoin (DOGE), on the other hand, is up by a smaller 17% in
the past seven days. These gains could continue into the coming
week as the market remains bullish. Featured image from Rolling
Stone, chart from TradingView
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