Here's how high the price of PEPE could rise after breaking through the strongest trend lines.
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The price of PEPE has returned to the spotlight after breaking its longest daily downtrend, while Bitcoin trades above the $100,000 level. Gem hunter Lyx on platform X claims that the price of PEPE has emerged from its strongest descending channels, forming a pattern of higher highs and higher lows.
Historically, this has led to massive increases in the value of the token. With Bitcoin testing a major psychological resistance level, some traders are closely monitoring the impact of momentum on meme coins.
The technical pattern, along with rising social sentiment and improved structure on the daily chart, has once again put PEPE on the radar for speculative traders.
PEPE is emerging from the descending channel after a several-month decline.
On the daily chart, the price of PEPE has broken out of a descending channel that had kept it stable since late December 2023. The downward trend showed lower highs and lower lows, indicating that sellers had been in control for several months. The pattern was defined by parallel trendlines that acted as dynamic resistance and support.
Source: X/Lyx
At the time of writing this report, PEPE has gained around 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 bullish trend, with higher lows and highs forming for the first time since the recent peak of the PEPE price.
PEPE price resistance levels and trading volume to watch
The price of the Baby token is testing horizontal resistance near $0.00000750, a level that has remained firm as a ceiling several times. A daily close above this range may trigger further rises. The next price targets lie between $0.000010 and $0.000012, areas where the Baby token previously faced selling pressure.
The recent rise in trading volume, along with the breakout, reinforces this current move. More upward movement can be seen if trading volume continues to rise and the price maintains the resistance level.
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Moreover, Lex's tweet highlights a historical bullish path, emphasizing the timing of Bitcoin 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 alternative coins with a high beta coefficient, and the price of PEPE remains one of the most followed in this category.
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