PEPE Forms Bullish Pattern Indicating Potential Breakout to $0.0000105
PEPE, the third-largest meme token, is showing potential for a breakout despite challenges in the meme coin market. Key points include:
- Technical analysis by Ali Martinez indicates an inverse head and shoulders pattern forming on the hourly chart since early March.
- The neckline resistance is at $0.0000075; breaching this level could lead to a 40% rally towards a target of $0.000010.
- PEPE is currently trading at $0.0000070, with a 2.8% increase over the past 24 hours and a market cap of $2.95 billion.
- The MACD line has crossed above the signal line, signaling potential upward momentum.
- The price is approaching the middle Bollinger Band, with potential movement toward the upper band at $0.0000085 if buying increases.
- The RSI is at 44, indicating mild bearish momentum, suggesting potential oversold conditions and a possible rebound.
The broader meme coin market has declined significantly from a combined market cap of $130 billion in December 2024 to around $48.14 billion, a 63% drop. PEPE has seen a 30% decline over the past month, remaining 75% below its peak of $0.00002825.