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The PEPE price is currently trading within a Falling Wedge pattern, a historically bullish indicator that suggests an imminent breakout. A crypto analyst predicts that a decisive move above key resistance levels could trigger a 150% rally towards new all-time highs for PEPE.
Key Resistance To Ignite PEPE Price Rally
Over the past few weeks, Pepe, the popular frog-themed meme coin, has been stuck in a downtrend, consistently rejecting off of a descending resistance trendline. The meme coin had initially experienced significant gains earlier this year. However, with the recent volatility and the decline in the broader market, PEPE and many other cryptocurrencies have recorded severe losses.
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Despite the bearish performance, a pseudonymous TradingView analyst called ‘MyCryptoParadise’ has shared a bullish forecast for the PEPE price. The analyst projects that it could experience a massive 150% price surge, pushing it to $0.00003 and marking new all-time highs.
For this prediction to become a reality, Pepe will have to confirm a price reversal by breaking above the descending resistance and claiming a new support, as seen on the chart. The TradingView analyst has asserted that Pepe must surpass the $0.000015 resistance, claiming it as new support and a potential launch pad to the bullish $0.00003 target.
While breaking above a key resistance may seem like an easy feat, the PEPE price has failed to do so over the past few weeks. The meme coin has rejected multiple breakout attempts; however, technical indicators reveal that Pepe’s current price fundamentals remain bullish.
Notably, Pepe is trapped inside a Falling Wedge on its price chart, a pattern known to precede significant upward momentum once resistance is broken. If demand from buyers successfully pushes PEPE above its $0.000015 resistance level, the analyst believes that a parabolic rally may be in store for the meme coin.
Pepe also forms a bullish divergence on the histogram in its chart, signaling a possible shift in momentum to the upside. The analyst has indicated that for Pepe to reach its projected ATH target, bulls will have to take control, helping to push the meme coin above the Falling Wedge pattern.
Currently, the asset is sitting at $0.000006 and $0.000012, where buyers have historically stepped in to defend prices and avoid further breakdowns. A surge from its current price of $0.00000945 to $0.00003 would represent an over 150% increase.
Bearish Scenario Unveiled
While he shared his bullish projection for the PEPE price, the TradingView analyst also presented an alternative bearish outlook for the meme coin. The analyst urged traders to remain cautious, as failing to hold the $0.000006 and $0.000012 could invalidate the previous bullish setup.
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The analyst predicts that if the meme coin fails to break this zone, it could trigger increased downside pressure, exposing the meme coin to more risks and possibly triggering a deeper sell-off that would put bears in complete control.
Featured image from LinkedIn, chart from Tradingview.com
