Memecoin surges over 10% as falling wedge breakout points to further upside potential
PEPE has delivered a sharp price surge, gaining more than 10% in a single session and extending its upward momentum. The move follows a bullish breakout from a falling wedge pattern, a setup often associated with significant trend reversals.
Currently trading near $0.00001248, PEPE has climbed more than 51% from its recent lows, showing one of the strongest recoveries among major meme-based cryptocurrencies. Analysts note that the breakout was confirmed with an uptick in trading volume, suggesting both retail and institutional interest in the asset.
The chart reveals a green support zone around $0.00001000, an area that previously acted as a springboard for the latest rally. Above, the $0.00001450 resistance zone (marked in red) remains the primary obstacle before the token can target its 2024 highs.
PEPE’s rally is particularly notable as it comes after weeks of choppy trading within a descending structure. The falling wedge pattern, formed from mid-June to late July, indicated a waning bearish momentum before price action decisively broke to the upside.
Volume spikes over the past few sessions point to renewed market participation, which traders often interpret as confirmation of a sustainable move. Still, experts caution that meme-based tokens are highly sensitive to sentiment shifts.
With momentum clearly favoring the bulls, PEPE’s next challenge lies in clearing overhead resistance and sustaining the rally. A decisive breakout could set the stage for a push toward 2024 price highs, keeping the token in the spotlight among speculative assets.
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.