Time to Load Up on PEPE? After 122 Days in the Bear Pit, PEPE Finally Breaks Free

The PEPE price pumped 2.5% today and is now trading around $0.000006882.

Pepe (PEPE) price is up 2.5% on Friday morning and is now trading around $0.00006650. The modest surge in the meme coin comes as the broader crypto market is entering the weekend on a sluggish note.

Current market cap is at $2.88 billion.

One analyst with over 26,000 followers on X that goes by the name ‘lyx’ posted an interesting PEPE chart.

PEPE Chart: Breaking the 122-Day Downtrend

PEPE has been trapped in a descending channel since late January, with price action consistently bouncing between parallel bearish trend lines for over four months. The most recent candles show a clean breakout above the upper boundary of this channel, potentially signaling a trend reversal or at least a substantial relief rally.

This breakout is significant as it marks the first time in 122 days that PEPE has broken above its downtrend line on the 4-hour timeframe. The structure resembles a bull flag pattern — a continuation formation that occurs after a strong upward move followed by a downward sloping consolidation period.

First time in 122 days that $PEPE is breaking the bull flag trend line on a 4 hours candles timeframeSome may suggest this might be the last chance of buying $PEPE below 3b pic.twitter.com.

While the breakout appears decisive, traders will want to watch for a potential retest of the breakout zone around $0.0000655-$0.000066. If this area provides support, it would strengthen the case for bulls.

PEPE Price: Key Support Levels

Since March 20, the PEPE price has been forming higher lows, suggesting a gradual shift in momentum even before this recent breakout. This improving structure, combined with increased volatility near the breakout point (evidenced by longer candle bodies and wicks), provides technical support for the reversal thesis.

If the breakout fails, there are three key support levels to watch:

As noted in the analyst’s tweet, some market participants believe this could be “the last chance of buying PEPE below 3b” market cap. This speaks to the psychology behind such setups — early trend reversals combined with relatively low capitalization can create upside potential if momentum builds.

For traders monitoring this setup, confirmation will be key. A successful retest of the former resistance as support, accompanied by increasing volume, would strengthen the breakout case. The next resistance levels to watch lie around $0.000075-$0.00008, where previous highs were formed.

After four months in a downtrend, PEPE’s technical picture is finally showing its first signs of reversal. Whether this marks the beginning of a new bull run or just a temporary bounce remains to be seen, but after 122 days of bearish price action, PEPE holders finally have something to be hopeful about.