The PEPE meme coin has been on an impressive rally for some time now. Stemming from a broader influx of funds into the meme coin sector and the general cryptocurrency market that has been on the move over the past two weeks, PEPE is currently up 38% over the past seven days, outperforming its coin counterparts meme with largest market capitalizations. .
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Interestingly, this impressive price action caused PEPE breaking out of a downtrend pattern which lasted the last six months. This significant development was highlighted on social media platform X by well-known crypto analyst Captain Faibik.
According to the analyst, PEPE’s price action resulted in an upward breakout of a symmetrical triangle pattern, a technical formation that has been dictating its period of consolidation for half a year.
Breakout of 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 reaching its all-time high of $0.00001717 on May 27, 2024, PEPE has yet to return to that price. Bullish periods were characterized by the formation of lower highs and higher lows, leading to the formation of a symmetrical triangular pattern.
PEPE’s recent 38% rally has caused the meme coin to substantially break the symmetrical triangle’s upper resistance trendline. From this point, the only place to go is up.
Analyst predicts 351% increase to new ATH
With the breakout confirmed, Captain Faibik set a bullish price target for PEPE. In terms of target price, Captain Faibik noted that PEPE is now poised for a rally to a new all-time high. Specifically, he predicted an upside to a price target of $0.00003214.
Reaching this price would require PEPE to enter new price territories. Furthermore, the price target means that PEPE would need to rise an impressive 351.69% from its breakout point. Given the recent history of the meme coin, such a price increase is very possible, especially as the crypto industry is now transitioning to a forecast for growth in the 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).
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At the time of writing, PEPE is trading at $0.00001125, still up 38% over the past week. Other meme coins have seen comparable gains over this period. Shiba Inu (SHIB) increased by 32%, Dogwifehat (WIF) rose 33%, Bonk (BONK) rose 30% and Floki (FLOKI) added 23%.
Dogecoin (DOGE), on the other hand, it is up just 17% in the last seven days. These gains could continue into next week as the market remains optimistic.
Featured image from Rolling Stone, chart from TradingView
