Key Takeaways:
- PEPE shows a 25% weekly growth and strong bullish sentiment.
- Technical charts indicate a rounding bottom formation in progress.
- A verified breakout can push PEPE as high as $0.000016 levels.
Pepe, a well-known meme coin, is showing rising strength following a week of positive price performance. Since the broader crypto market remains bullish, PEPE bucked the trend as it experienced a 2.8% price appreciation daily and an impressive 25.69% weekly.
Presently, the value of the token stands at $0.00001260, backed by a high 24-hour volume of $1.86 billion and an aggregate market cap of $5.3 billion.
The token recently made a surge after a period of consolidation, where the price varied in a restricted range before surging higher.
The surge upwards, as supported by increased trading volume, was a shift in sentiment in the market. PEPE touched the high at $0.00000124 but developed a mild area of consolidation just higher than the important $0.00000120 support, which remained strong.
The stretch experienced low volatility and mixed candlesticks, which suggested market indecision, but at the same time, an accumulation process was initiated by the investors.
Also Read: PEPE Skyrockets on Whale Frenzy, Eyes Explosive $0.000020 Breakout
PEPE Forms Technical Pattern, Breakout Imminent
The latest technical analysis on PEPE’s 8-hour chart shows the establishment of a rounding bottom formation, which is another classic bull reversal pattern. The U-shaped formation is an indication that the crypto asset is potentially establishing a long-term bottoming formation and preparing for a breakout.
The price is trading just below the neckline resistance line, which is typically seen as the final obstacle before the next set of gains. It also indicates a definite region of support below the curve, where previously the buyers had stepped in.
Since the momentum is gaining pace gradually, the analysts are on the lookout for a definitive break above the neckline. If successful, such a break could lead to further increases, and the targets would be in the region between $0.000014 and $0.000016.
Volume Confirmation Could Trigger Upside Continuation
Volume remains a crucial ingredient in confirming the next change in direction. Even though the rounding bottom formation was signaled with declining volume, the characteristic feature for this formation, a sudden spike in trading volume on breakout, would be the confirmation sought for bullish continuation.
PEPE can keep rallying and touch multi-week highs provided market participants respond with fresh buying sentiment on significant breakout levels.
As long as the technical setup is in line with advancing community sentiment, the asset is at a crucial point where its next move would decide its near-term price action.
Also Read: PEPE Price Ready To Moon As Experts Give Expectations Of A 20x Surge
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
