PEPE price is back in the spotlight after breaking out of its longest daily downtrend, while Bitcoin is trading above $100,000. Gem hunter Lyx on the X platform claims that PEPE price has broken out of its strongest downward channel and is now forming a pattern of higher highs and higher lows.
Historically, this has led to massive increases in the token's value. With Bitcoin testing a key psychological resistance level, some traders are closely monitoring the momentum impact on meme coins.
The technical pattern, coupled with rising social sentiment and improving structure on the daily chart, has put PEPE back on the radar for scalpers.
PEPE stock breaks out of the downward channel after a decline that lasted for several months
On the daily chart, PEPE price broke out of a descending channel that has held steady since late December 2023. The downtrend has shown lower highs and lower lows, indicating that sellers have been in control for several months. The pattern is defined by two parallel trend lines that act as dynamic resistance and support.
Source: X/Lyx
At the time of writing, PEPE stock had gained nearly 25%, accompanied by a 150% increase in trading volume. This combination of price action and increased activity supports the technical validity of this breakout. The chart now shows an emerging uptrend, with higher lows and highs forming for the first time since PEPE's recent high.
PEPE Price Resistance Levels and Trading Volume to Watch
The Bebe stock price is testing horizontal resistance near $0.00000750, a level that has held steady as a ceiling several times. A daily close above this range could trigger further upside. The next price targets are between $0.000010 and $0.000012, areas where Bebe stock has previously faced selling pressure.
The recent surge in trading volume, coupled with the breakout, reinforces this current move. Further upside is possible if trading volume continues to rise and the price holds above the resistance level.
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Furthermore, Lex's tweet highlights a historical upward trajectory and emphasizes the timing of Bitcoin's breakout above $100,000. The post links this move to growing market confidence, suggesting that investors may now be more willing to shift to speculative assets, including meme coins.
This shift in sentiment comes at a time when technical momentum and engagement on the PEPE chain are improving. If Bitcoin maintains levels above $100,000, traders may see increased demand for high-beta altcoins, and PEPE remains among the most closely watched in this category.
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