PEPE Price Gains Momentum: Expert Predicts 8X Rally for the Memecoin

Technical analysis suggests that PEPE could see a major price movement as key indicators align for a potential upward trend.

Technical analysis suggests that PEPE could see a major price movement as key indicators align for a potential upward trend. According to an analysis shared by CryptoELlTES on Twitter, PEPE is forming a cup and handle pattern, a bullish structure in technical analysis. This setup suggests that the token could rally if it breaks key resistance levels.

The PEPE chart by CryptoELlTES highlights a cup and handle formation, a classic bullish continuation pattern. The cup represents a period of accumulation, followed by a brief pullback forming the handle.

A successful breakout above the handle’s resistance often signals a strong upward trend. CryptoELlTES’ analysis suggests that PEPE is currently testing a critical resistance level. If it breaks above this zone, it could trigger a major price movement.

Pepe is about to make a big move very soon! Short-term target: 8X

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$Pepe #Pepe #Memecoin pic.twitter.com/XQtk0HIDK5

The ongoing consolidation phase aligns with the structure of this pattern, increasing the likelihood of a breakout soon. The chart incorporates Fibonacci retracement levels to identify key support and resistance zones.

The primary levels observed include the 23.6% retracement, which serves as an accumulation point where buyers enter the market. The 61.8% retracement, often referred to as the golden ratio, tends to act as strong support or resistance.

Moreover, the 100% retracement marks the previous peak, a crucial breakout target. PEPE’s price has rebounded from a mid-range Fibonacci level, signaling renewed buying interest. The asset is also trending within a parallel channel, reinforcing an ongoing bullish structure.

Higher highs and lows indicate steady momentum, with potential for the next move to push PEPE toward the upper boundary of the channel.

Pepe’s Projected Target: 8X Price Surge

Based on CryptoELlITES’ projection, PEPE could witness an 8X increase from its current price of $0.00001382. This would place the memecoin around $0.00011056.

The measured move projection is supported by breakout confirmation above $0.000017, which could initiate the next leg up. The key support level at $0.000011 is expected to act as a bounce zone if the price dips. Additionally, a volume increase would confirm bullish momentum.

According to CoinGecko, PEPE is trading around $0.00001382 with a daily volume of $1.48 billion. The token has gained 6.89% in the past day, indicating recovery from a recent downturn.

Over the past week, PEPE has declined by 7.53%, aligning with the consolidation phase seen in the chart. If momentum continues to build, PEPE could break its resistance levels and enter a strong rally phase.