PEPE has staged a sharp rebound from a major support level, causing bullish speculation about a potential 100% rally. The crypto token is currently showing signs of renewed upward momentum after holding above the $0.00000567 support zone that has previously acted as a price floor on the daily candlestick timeframe chart. Particularly, technical analysis suggests that PEPE is about to go on a 100% price bounce from the support level.
Technical Structure Points To Bullish Continuation For PEPE
PEPE’s price action has been steady since the beginning of the year, extending a correction run after it reached a peak price of $0.00002803 on December 9, 2024. The extended decline and accompanying selling pressure saw the PEPE price clean out most of its gains in Q4 2024 until it reached a low of $0.00000525 in early March, which has served as a horizontal support level.
The latest chart setup reflects another clean bounce from this horizontal support in the past few days. According to a technical analysis posted on TradingView, the bullish scenario is now developing, especially after the price reclaimed the $0.00000710 level. This move not only confirms strength at the base but also opens the door to a potential breakout targeting $0.00001447. However, there is still a resistance level to watch out for around $0.000009, where a brief rally was rejected in late March.
The analyst behind the post highlighted a simple risk-managed setup: a long entry above $0.00000710, a stop loss below $0.00000567, and a target that essentially doubles the current price. The broad structure resembles a breakout-ready consolidation, where prior lows have held firm and the latest candles are pushing toward the neckline of a range-bound zone.
Momentum Building Steadily In Broader Crypto Market
At the time of writing, PEPE is trading at $0.0000074, and a run to the price target at $0.00001447 would represent a 95% return for bullish traders who get in at the current price. Interestingly, this bullish outlook is the first in a while, as the PEPE price has been mostly highlighted with bearish analyses in the past two weeks. One analyst even highlighted a potential crash towards $0.0000055 if PEPE were to lose a support level at $0.0000065. This has since come to pass, and the meme coin has finally found a strong bounce at this point.
The current sentiment in the crypto market appears constructive, with most cryptocurrencies starting to see gains after a crazy few weeks. This constructive sentiment is led by Bitcoin, which has now returned to trading around $85,000. The price action looks positive, and steady inflows could cause the meme coin to ride the bounce towards $0.00001447 before the end of April.
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
