Date: Sat, Sept 14, 2024, 09:41 AM GMT
This week, the cryptocurrency market is buzzing with excitement as Bitcoin (BTC) surpassed the $60K mark, recording a 10.45% gain over the past seven days. This upward momentum has also spread to top memecoins, with Pepe (PEPE) being one of the big winners today.
Breakout on the Horizon
PEPE surged by 6.16% today, bringing its price to $0.000007860. This rally has pushed the token closer to the downtrend line of a falling wedge pattern, a formation that often signals the potential for a breakout. If the bulls succeed in pushing PEPE past this key level, it could ignite a bullish rally that might see PEPE hitting resistance levels at $0.0000093 and $0.00001198—an impressive 50% increase from its current price.
Currently, PEPE’s Relative Strength Index (RSI) sits at 52.52, with an RSI-based moving average of 40.18, suggesting that the token is not overbought and still has room to climb.
What’s Ahead for PEPE?
Historically, Q4 has been a bullish period for the cryptocurrency market, and the same could hold true this year. With the market sentiment turning positive and PEPE approaching a critical resistance level, a breakout could lead to a sustained rally in the coming weeks.
All eyes are now on PEPE as traders anticipate the next big move. Could this be the start of a major uptrend for the popular memecoin? Time will tell, but the signs are pointing toward a potential breakout.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are subject to high volatility and risk.