PEPE breaks falling wedge and forms cup and handle, targeting $0.00001600 with bullish RSI signal.
Price holds above $0.000010 support and 0.786 Fib level, reinforcing short-term bullish structure.
Weekly chart shows fifth bull flag breakout, with analysts eyeing a move toward the $0.000020 zone.
PEPE is currently trading at $0.00001160 and is gaining attention as technical signals point to a potential breakout. A falling wedge pattern has formed, typically considered a strong reversal setup. With bullish momentum building, analysts expect the token to target $0.00001600 and possibly extend beyond that level.
Bullish Chart Formation Suggests Trend Shift
According to a statement by Rekt on X, PEPE is forming a giant cup and handle pattern while simultaneously breaking its recent downtrend. This pattern often signals a continuation of a broader upward move, especially when confirmed by volume. Rekt also pointed out that the RSI is showing a breakout signal, which could align with building buying pressure.
PEPE has found support at the 0.786 Fibonacci retracement level, a key technical zone that often helps define short-term trend directions. The price continues to follow a rising diagonal trendline that has served as support across multiple periods. This confluence of indicators may give bulls the control they need to push for higher levels.
https://twitter.com/PepeCZBinance/status/1931418327743680859
On the daily chart, PEPE also remains above the psychological support at $0.000010. This level has held through multiple retests and adds another layer of strength to the current market structure. As long as the price trades above it, analysts believe the short-term trend remains intact.
Historical Flag Patterns Reinforce Breakout Potential
According to Bitcoinsensus, PEPE has formed five clear bull flags on the weekly chart, each followed by sharp upward moves. The latest formation, referred to as Flag #5, has already broken out and completed an initial leg upward. If momentum continues, analysts expect a return to the $0.000020 golden zone.
The consistent breakout behavior of past flag patterns supports the view that the current move could extend further. MACD indicators are also turning positive, and green histogram bars are increasing. Combined with solid social interest, this signals a continuation may follow in the near term.
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