The price of PEPE has returned to the spotlight after breaking its longest daily downward trend, while Bitcoin trades above the $100,000 level. Gem hunter Lyx on platform X claims that the price of PEPE has exited its strongest descending channels and is now forming a pattern of higher highs and lows.
Historically, this has led to massive increases in the token's value. With Bitcoin testing a major psychological resistance level, some traders are closely watching the impact of momentum on meme coins.
The artistic style, along with the rise of social sentiments and improvement in the structure on the daily chart, has put PEPE back on the radar for speculative traders.
PEPE emerges from the descending channel after a decline that lasted several months
On the daily chart, the price of PEPE broke out of a descending channel that had kept it stable since late December 2023. The downward trend showed lower highs and lows, indicating that sellers had been in control for several months. The pattern was defined by two parallel trend lines acting as dynamic resistance and support.
Source: X/Lyx
As of the writing of this report, PEPE has gained nearly 25%, accompanied by a 150% increase in trading volume. This combination of price movement and increased activity supports the validity of this breakout technically. The chart now shows an emerging upward trend, with higher lows and highs forming for the first time since the recent peak of PEPE.
PEPE price resistance levels and trading volume to watch
The price of Baby is testing horizontal resistance near $0.00000750, a level that has remained stable as a ceiling multiple times. A daily close above this range could trigger further upside. The next price targets are between $0.000010 and $0.000012, areas where Baby previously faced selling pressure.
The recent increase in trading volume, along with the breakout, supports this current move. More upside can be seen if trading volume continues to rise and the price maintains the resistance level.
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Furthermore, Lex's tweet highlights a historic upward trajectory and emphasizes the timing of Bitcoin's surpassing the $100,000 level. The post links this move to increasing market confidence, suggesting that investors may now be more willing to shift towards speculative assets, including meme coins.
This shift in trends comes at a time when the technical momentum and interaction on the PEPE chain are improving. If Bitcoin maintains levels above $100,000, traders may see an increase in demand for altcoins with a high beta coefficient, with the price of PEPE remaining among the most followed in this category.
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