PEPE Price Prediction: Falling Wedge Pattern Signals a Potential 150% Rally to New All-Time Highs

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

Pepe, a meme coin that has experienced significant price volatility this year, is currently trading within a Falling Wedge pattern on its price chart. This pattern is usually considered a bullish indicator, suggesting an impending breakout.

A crypto analyst on TradingView has shared a bold prediction, suggesting that a decisive move by PEPE above key resistance levels could lead to a 150% rally, pushing the meme coin to new all-time highs.

Pepe's price action has been closely monitored by traders, especially in light of the broader market downturn and the varying performance of cryptocurrencies. While PEPE had initially enjoyed substantial gains earlier this year, the recent market conditions have presented challenges for the meme coin.

However, a pseudonymous TradingView analyst known as ‘MyCryptoParadise’ has presented a bullish outlook for the PEPE price, suggesting that it could experience a massive price surge to reach $0.00003, setting a new all-time high for the meme coin.

According to the analyst, for this prediction to come to fruition, Pepe will need to confirm a price reversal by breaking above the descending resistance and establishing new support, as depicted on the TradingView chart.

The analyst's technical analysis indicates that Pepe must decisively cross the $0.000015 resistance, claiming it as new support, which could serve as a potential launch pad to propel the meme coin towards the bullish target of $0.00003.

While breaking above a key resistance may seem like a straightforward concept, PEPE has faced difficulties in achieving this over the past few weeks. The meme coin has faced multiple rejections from a descending resistance trendline in its chart.

However, technical indicators on the price chart suggest that Pepe's current price fundamentals appear bullish. Notably, the meme coin is depicted within a Falling Wedge on its price chart, a pattern that is typically 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 suggests that the meme coin could experience a parabolic rally to reach its target.

Additionally, Pepe also forms a bullish divergence on the histogram in its chart, which could indicate a possible shift in momentum to the upside. The analyst's analysis suggests 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, Pepe is trading within the $0.000006 and $0.000012 price ranges, which have historically seen buying pressure to save the meme coin from further price drops and maintain support. A surge from its current price of $0.00000945 to $0.00003 would indicate an increase of over 150%.

However, the TradingView analyst also presented an alternative bearish outlook for the PEPE price, urging traders to remain cautious. If the meme coin fails to maintain prices within the $0.000006 and $0.000012 range, it could invalidate the bullish setup.

The analyst's analysis suggests that a failure by PEPE to hold this zone could trigger increased selling pressure, putting bears in more control and potentially leading to a deeper sell-off.