Analysts are predicting a potential boost for Pepe Coin (PEPE/USD). They believe it could rise by 50% if it breaks its year-to-date high. The key resistance level to watch is $0.000030. However, if the price drops below $0.00001728, that could spoil the bullish outlook.
The excitement around Pepe is largely driven by a Reddit community. Specifically, the subreddit r/Pepecryptocurrency, which has over 19,000 members, is rallying together. They plan to buy Pepe coins on December 3 at noon Eastern Time. This coordinated effort aims to increase market activity.
Technical analysts have noticed some promising signals that could support this rally. For instance, crypto influencer Chandler Bing pointed out on X (formerly Twitter) that Pepe Coin has formed a falling wedge pattern. This pattern often indicates an upcoming upward breakout.
Recently, on the daily chart, Pepe hit a high of $0.000025 in November before pulling back to $0.00001728. This pullback aligns with the upper boundary of a cup and handle (C&H) pattern that formed between May and November. The C&H pattern is widely seen as a bullish indicator.
The C&H pattern features a rounded bottom and suggests a breakout above a resistance level. This setup hints at the possibility of ongoing gains. Additionally, other technical patterns are signaling bullish momentum.
Pepe has also developed a bullish pennant pattern, which combines a long vertical line with a symmetrical triangle. It has an inverse head and shoulders pattern too. Both of these formations are often associated with strong upward movements. Analysts suggest that if Pepe Coin surpasses its year-to-date high, it could rally by as much as 50%. Bulls are eyeing that resistance target of $0.000030.
On the flip side, if the price falls below the support level of $0.00001728, it could negate the bullish outlook. That might lead to further declines in price.