Key Points :
PEPE surged 17% over the past week, breaking out of a prolonged bearish trend and recording gains near $0.00001034.
A 135% increase in trading volume signifies strong bullish momentum, but sustainability remains uncertain.
PEPE’s breakout from a bearish falling wedge pattern on the daily charts hints at potential upside, with $0.0000154 as a target.
Failure to hold local support at $0.0000099 could invalidate the breakout and lead to downside risks.
Experts predict PEPE could surge by up to 13,000%, with on-chain data showing significant exchange outflows, signaling accumulation.
The Memecoin’s Turning Tide
In a dramatic turnaround, PEPE, the market’s third-largest memecoin, has surged 17% over the past week, breaking free from its prolonged bearish trend. On June 30, PEPE notched gains of 7%, propelling it toward new heights. While this trend reversal is encouraging, it remains unconfirmed, as the price continues to gyrate significantly following the latest bullish breakout. At press time, PEPE traded near $0.00001034, a level that marks a critical juncture in its journey. Over the past week, the memecoin witnessed a staggering 135% increase in trading volume, a testament to rising trader and investor participation. This uptick in activity suggests robust bullish momentum, raising the tantalizing question: Can this trend endure for an extended period?
The price action paints a complex picture. On the daily charts, PEPE decisively broke out of a bearish falling wedge pattern, closing above it with a bullish candle. This breakout signals a potential shift in market sentiment, with analysts predicting significant upside. Currently, PEPE is retesting the local support level at $0.0000099. If it successfully holds this level, the asset could soar by over 50%, targeting the $0.0000154 threshold. However, failure to defend this support could invalidate the breakout, triggering a downturn. At the moment, the Relative Strength Index (RSI) stands at 45, neither overbought nor oversold, suggesting a potential shift in momentum. Analysts are closely watching this metric, as it could foreshadow further price movements.
Expert Opinions and On-Chain Signals
The buzz surrounding PEPE has captured the attention of experts and analysts alike. One prominent crypto expert recently declared that PEPE’s “incredible” trajectory heralds the imminent start of its next upward move. Another analyst took things further, boldly predicting a 13,000% surge in the coming days. These bold claims, amplified on platforms like X, have sparked intense interest among crypto enthusiasts. Meanwhile, on-chain data provides additional insights. According to Coinglass, investor sentiment has shifted, with exchanges experiencing outflows of $5.60 million worth of PEPE. Such significant exchange outflows often signal accumulation, potentially fueling buying pressure and creating ideal entry points for savvy investors. This confluence of bullish predictions and on-chain activity paints a compelling picture, though caution remains warranted.
The memecoin’s trajectory is not without risks. Despite the bullish sentiment, the market’s volatile nature means that PEPE’s ascent is far from guaranteed. The recent surge has attracted attention, but it also raises the specter of profit-taking and short-term retracements. Analysts emphasize the importance of monitoring key technical levels, as they will dictate PEPE’s near-term direction. If the memecoin can maintain its upward momentum, the $0.0000154 target looms as a tantalizing milestone. However, a breakdown below the $0.0000099 support could trigger a cascade of selling pressure, derailing the rally. The coming days will reveal whether PEPE’s momentum is sustainable or merely a fleeting rally.
Conclusion
PEPE’s recent 17% surge has transformed it from a bearish underdog into a potential breakout candidate. The memecoin’s breakout from a prolonged bearish falling wedge pattern, combined with a 135% jump in trading volume, suggests strong bullish momentum. If PEPE successfully holds the $0.0000099 support level, it could soar by over 50%, targeting the $0.0000154 threshold. However, failure to defend this level could invalidate the breakout, leading to downside risks. Experts predict PEPE could surge by up to 13,000%, while on-chain data shows significant exchange outflows, signaling accumulation. The coming weeks will test whether PEPE’s bullish momentum can endure or if it succumbs to profit-taking. As the market awaits clarity, one thing is certain: PEPE’s journey remains unpredictable, with every move carrying the potential for surprise. Will it ascend to new heights, or will it falter under pressure? The answers lie in the interplay of technical levels, sentiment, and market dynamics—a dance that will shape PEPE’s destiny in the weeks ahead.
