Breakout from falling wedge and rising support indicate bullish momentum
PEPE surged over 5% in the last 24 hours, breaking out of a month-long falling wedge pattern on the 4-hour chart, a classically bullish structure. The breakout coincides with renewed risk appetite across crypto markets, driven by increasing odds of a U.S. Federal Reserve rate cut in September.
The meme coin found strong demand in the $0.00000100–$0.00000103 range, highlighted by a green demand zone that has consistently absorbed selling pressure. Price bounced off this zone several times in late July and early August before today’s rally confirmed a bullish reversal structure.
Volume has steadily increased since the breakout, and on-chain data shows multiple whale addresses accumulating PEPE at the lows—another bullish signal that suggests smart money is positioning early.
“This breakout aligns with improved macro sentiment and technical strength. PEPE’s rally is not isolated—it’s part of a larger altcoin rebound, ” BITX analyst noted.
The next resistance zone lies between $0.00000118 and $0.00000123, an area where price faced sharp rejection last week. A breakout above this level would open the door toward $0.00000135 and beyond, especially if broader market conditions remain favorable.
Key Technical Developments:
- Breakout from falling wedge pattern
- Demand zone held multiple times
- Whale accumulation at bottom levels
- Volume spike post-breakout
Still, traders should monitor macro news, especially upcoming U.S. inflation data and FOMC commentary, which could influence risk appetite across crypto.
As long as PEPE holds above the demand zone, bullish momentum may continue toward the next major resistance.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.