O PEPE price remained strong coming out of the crypto market crash, rallying over 40% in a single day. This optimism has fueled the narrative of the meme coin, which is considered the next big thing on Ethereum. However, the question remains whether the price of PEPE will continue to rise from here, if it has reached its peak for this cycle.
PEPE price still rising from here on
Despite being down about 30% from its May 27 all-time high of $0.00001718, the PEPE price still shows upward trends. This could point to a continuation, something that pseudonymous crypto analyst “melikatrader94” points out in a analysis on TradingView.
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According to the crypto analyst, PEPE price bounced off an internal trendline that has been acting as support for the meme coin. As a result, a double bottom was formed following the most recent price rally, and this is bullish for the price.
Since PEPE price reacted quickly to the internal trendlinethe crypto analyst believes that this shows strong buying interest in the meme coin. Furthermore, the chart shows the formation of an ascending trendline, and given the history of ascending trendlines, the price may continue to rise as long as it does not break out of this channel.
With the aforementioned double bottom, PEPE price is already seeing the result of this bullish reversal. If this continues, the price is expected to surge over 150% from here again, reaching a new all-time high of $0.00004128, according to the crypto analyst.
Scenarios for invalidation
While the price of PEPE is still very bullish, there are still scenarios that could cause the price to spiral downwards. Unless there is a market-wide Bitcoin and crypto crash, the price of PEPE There are still several resistance levels to conquer from here. One of them is the $0.000025 level.
Furthermore, as the analyst points out, the price should remain above the internal trendline, which is currently just above $0.000008. As long as this point holds, the bulls will remain in command and may attempt to push the price higher.
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Another important point to note is the resistance of the middle channel. In this case, the resistance is just above $0.000025, which is above the current all-time high. This means that there is still room for growth before encountering any major resistance.
Last but not least is the volume of the meme coin. If the PEPE Trading Volume continues to rise, then buying pressure could push the price towards new ATHs. However, a drop in trading volume could be detrimental to the price and lead to a reversal. “Increasing trading volume would further confirm the uptrend and provide additional confidence in reaching the target price,” the analyst said in closing.
Featured image created with Dall.E, chart from Tradingview.com