The 2024 crypto market rally has seen meme coins make a major comeback with many of the established ones reclaiming old all-time highs (ATH) and some even setting new ones.
Simultaneously, new cryptocurrencies have been making the rounds and, in the best cryptocurrency bull market tradition, generating rapid rags-to-riches stories as well as – in the worst crypto bull market tradition – losing investors millions in rug pulls and other scams.
On April 12, a star of the late cryptocurrency winter – Pepe (PEPE) – appears poised to celebrate its one-year anniversary with a massive move as technical analysis (TA) reveals it is nearing the end of its consolidation phase.
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PEPE could move 50% says crypto expert
After mostly trading sideways – albeit with significant volatility – in the range between approximately $0.000006 and $0.000009 for the better part of a month, Pepe appears close to breaking out as it has formed a symmetrical triangle.
The symmetrical triangle is a chart pattern indicating that a consolidation phase is nearing its end with the asset poised to make a major move in either direction.
Should PEPE start trading outside the range between $0.00000793 and $0.00000664, it is likely it could move as much as 54%, per the analysis of the prominent crypto expert, Ali Martinez, published on X.
In the bullish scenario in which Pepe would trade above the higher bound of the range, the token could rise as high as $0.000010766. Conversely, should PEPE token trade below the bottom of the range, its next target might see it fall as low as $0.000003216.
Which direction will PEPE go?
Technical analysis retrieved from TradingView on April 12 offers little insight into which scenario may play out though slightly hinting toward the bullish movement.
The overall rating of the token is ‘neutral’ when based on the 24-hour and 30-day performance but turns into a ‘buy’ when the weekly chart is analyzed.
Though oscillators remain neutral when based on the daily and weekly chart, the 30-day performance leads to them sharply disagreeing with moving averages as the former read ‘strong sell’ and the latter ‘strong buy.’
PEPE price chart
While Pepe’s next move remains unclear beyond the fact it is likely to be significant, it has, in the earlier parts of 2024, shown remarkable strength having exploded 440.56% year-to-date (YTD).
The bulk of the rise has taken place in a brief window between late February and mid-March with the meme coin mostly trading sideways outside the time frame – though with significantly higher volatility in more recent weeks.
On the monthly chart, the cryptocurrency is 18.50% in the red, and Pepe price today, at press time, stands at $0.000007 after a modest 0.01% rise in the last 24 hours of trading.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
