Ethereum News Today: Pepe Breaks Out of Falling Wedge With 12% Gain in 7 Days

Recent developments in the Pepe (PEPE) market suggest a bullish price outlook following a breakout from a falling wedge pattern. The recent surge has seen the token increase by more than 12% in the last 7 days, with some analysts highlighting that this could be the best opportunity for traders to double their money. PEPE's price action indicates a potential 135% gain in the near term, surpassing other meme coins in the top 5 category and showing accelerating upward momentum [1].

Key technical indicators are aligning to support this optimistic view. Trading volumes have nearly doubled, rising from around $400 million to $1 billion, signaling increased participation and interest in the token. Over the past three days alone, more than $2.8 billion of PEPE has been exchanged, further reinforcing the strength of the move [1]. In the futures market, open interest has grown from $569 million to $658 million, although it remains 35% below its recent peak of $1 billion. This trend is still viewed as an early positive signal for PEPE’s price trajectory [1].

The breakout is confirmed on the 12-hour chart, with PEPE moving above the $0.00001500 level. This level is considered a significant threshold that could validate a bullish price prediction. The first target is $0.00002500, with a subsequent target of $0.00002800 expected after a retest. The Relative Strength Index (RSI) supports this bullish scenario, having climbed above the 50-level to 59, indicating a strengthening uptrend [1].

Ethereum’s performance also plays a role in PEPE’s outlook, as the token is built on the Ethereum blockchain. With ETH currently trading above $4,000, the broader altcoin environment is favorable, potentially benefiting PEPE’s price movement [1].

While PEPE is drawing attention in the meme coin space, other projects like Bitcoin Hyper (HYPER) are also gaining traction. However, this information falls outside the scope of PEPE's price prediction and is not included in the analysis [1].

Sources:

[1] Pepe Price Prediction: Falling Wedge Breakout Gives Traders a Rare Chance to Double Their Money

https://cryptonews.com/news/pepe-price-prediction-falling-wedge-breakout-gives-traders-a-rare-chance-to-double-their-money/