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Dogecoin competitor threatens 100% bullish breakout

Dogecoin competitor threatens 100% bullish breakout

Although many assets in the cryptocurrency market are slowing down their previously attained gains, some of them are poised for bullish breakouts, including Pepe (PEPE), one of the most popular competitors of another meme-based token, Dogecoin (DOGE).

Specifically, Pepe seems to be preparing for a massive move upwards, which could see it surpass the first significant resistance level at $0.00000166, after which $0.00000274 could be the next step, according to the observations shared by crypto trading expert Ali Martinez in an X post on February 23.

Pepe price action analysis and prediction. Source: Ali Martinez

As it happens, the crypto expert’s most recent expectations arrive not long after he highlighted on February 10 that Pepe was showing signs of forming the right shoulder of a head-and-shoulders pattern on its 3-day chart alongside the TD Sequential indicator flashing a ‘buy’ signal within the same timeframe.

Indeed, the TD Sequential, which generally points to potential trend reversals and continuation chart patterns, in this case, demonstrated a very positive signal for Pepe, suggesting it could trigger a bullish impulse for the famous meme crypto asset – which has proven correct.

Pepe price analysis

At press time, Pepe was changing hands at the price of $0.00000125, suggesting an increase of 3.31% in the last 24 hours, gaining 0.8% across the previous seven days, as well as advancing 21.15% on its monthly chart, according to the latest data retrieved by Finbold.

Pepe 30-day price chart. Source: TradingView

All things considered, should Martinez’s forecasts regarding Pepe materialize, they would indicate an increase of a massive 32.8% for the first leg up, followed by an even more impressive advance of 119.2% from where its price stood at the time of publication on February 23.

Meme coin frenzy?

Meanwhile, Pepe’s largest rival, Dogecoin, also seems to be on the verge of a bullish breakout itself, as it has broken out of a descending triangle pattern and entered a consolidation phase, in a similar behavior from 2020 that culminated with a 28,770% rally, as Martinez recently pointed out.

Dogecoin price action analysis and prediction. Source: Ali Martinez

Considering the bullish signs coming from both Dogecoin and Pepe, it looks like the crypto market could be entering a revived meme coin frenzy season, with massive rallies awaiting. However, caution and in-depth risk analysis are necessary when investing a significant amount of money in any asset.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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