PEPE Approaches Key Resistance Level, Bounce Potential Analysis.
PEPE has achieved significant gains over the past week. This wave of rising prices has pushed PEPE towards a key technical resistance level.
From a technical chart perspective, PEPE is presenting a bullish triangular flag pattern, which is often viewed as a potential upward signal. Since this pattern formed in March, PEPE has been undergoing technical adjustments to consolidate its upward base. Currently, PEPE's price is testing the resistance line of this pattern, and if it breaks through successfully, it may initiate a new upward trend.
Bullish momentum has clearly dominated over the past week, with prices soaring over 21%. This strong uptrend has allowed over 77% of PEPE investors to realize profits. Additionally, cryptocurrency analysts have noted this bullish pattern and predicted potential upward space in the future.
Despite the positive outlook, buying pressure for PEPE is rising, but the supply of memecoin held by top addresses has slightly decreased, which may indicate that some investors might choose to sell when prices rise. Furthermore, when prices reach the upper limit of the Bollinger Bands, price corrections typically occur. Therefore, PEPE's price may first pull back to the support level of the 20-day Simple Moving Average (SMA).
PEPE is currently at a key technical node, and its future trend will depend on whether it can successfully break through the current resistance level and how investors react. However, PEPE's strong price surge and bullish technical pattern still provide enticing opportunities for investors.
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