With a short-term recovery in the meme coins, PEPE, the biggest frog-themed meme coin, is marking a 2.83% surge over the past 24 hours, currently trading at $0.000006943. It holds a market cap of $2.9 billion.
Hinting at a potential breakout rally, multiple bullish patterns are arising on the PEPE price chart. Will this propel PEPE towards the $0.000010 psychological mark? Let’s find out.
PEPE Nears Massive Breakout Rally
In the 4-hour price chart, the PEPE price trend reveals a declining trend. The bearish influence has resulted in a falling channel pattern, keeping the bullish growth under check.
However, a recent early reversal from the $0.0000050 psychological mark has led to a positive cycle within the bearish pattern. Currently, PEPE has challenged the overhead resistance trendline and the 100 EMA line of the 4-hour chart, failing to overcome the supply pressure.
The meme coin creates an evening star pattern. Nevertheless, the underlying bullishness is now ending at a potential inverted head and shoulder pattern. The neckline of the bullish pattern is at $0.000007313.
The underlying bullish demand for the meme coin is significantly increasing. In case of a bullish breakout, the meme coin will likely test the immediate resistance at the $0.0000090 mark before extending to the $0.0000010 psychological level.
PEPE Price Target
To complete the inverse pattern, the PEPE price might have to retest the 50 EMA line at $0.000006729. Adding to the possibility of a minor extended correction, the stochastic RSI in the 4-hour chart consolidates in the oversold region.
In case of a bullish failure, the negative retracement in the meme coin will likely breach the $0.000005681 horizontal level. It could result in a retest of the local support trendline below the $0.0000050 psychological mark.