PEPE is displaying renewed signs of upward momentum after bouncing off a key support zone, which increases the expectation of a larger price movement if the current momentum is sustained.
PEPE has recently bounced back from the $0.00000337 level after a period of consolidation. After the correction, the buyers gradually entered the market, and as a result, the price started rising, forming a higher highs and higher lows pattern.
This steady increase indicates that demand is rising as market players begin to regain confidence in the token. The level of trading activity also rose during the period, which helped to support the upward movement.
At the time of writing, PEPE is trading at $0.00000392, marking roughly a 20% gain from its recent consolidation area. If buying pressure continues, the meme coin may attempt to test higher resistance levels in the near term.
PEPE Falling Wedge Signals Breakout
Crypto analyst STEPH IS CRYPTO highlighted that PEPE’s weekly chart features a strong falling wedge, a common precursor to a bullish reversal. The token is being compressed between two trend lines, both of which are pointing downwards, with the lower boundary resting at around $0.000003-$0.0000035.
Source: X
Recent price action reveals PEPE repeatedly testing this support area while volatility continues to shrink. This is a common phenomenon before a major price move.
As the STEPH stated, a confirmed breakout above the upper resistance line of the wedge could change the momentum to the upside. If so, the target price is set near $0.00003, which would be a 606% increase from the current price range.
The projection also corresponds to areas where strong liquidity was seen in previous market cycles, which may attract renewed interest in the token.
Whale Accumulation Boosts PEPE Support
Another crypto analyst, Unicharz, pointed out that the big holders have been accumulating PEPE around the $0.0000035 level. It is clear from the data that the whales have been buying trillions of PEPE tokens at this price level.
Source: X
Aggressive buying momentum around the $0.0000033 support level has ensured that it doesn’t fall further. The fact that it has been able to defend this level repeatedly indicates that larger market players are showing more and more confidence in it. However, PEPE is still facing resistance at the $0.0000040 mark.
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PEPE Support Holds Before Breakout
With support holding firm and resistance capping the upward movement, PEPE’s price is currently compressed within a falling wedge pattern. This is a pattern that is often observed before a major breakout.
If the buyers continue to hold the lower support zone and the price is able to break above the resistance level, PEPE may see a strong upward movement.
Until now, the $0.000003-$0.0000035 support area is the most significant level to monitor as the market awaits the next strong movement.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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