PEPE Surges 17% in Week, Breaks Bearish Trend

PEPE, the third-largest memecoin by market capitalization, has experienced a notable surge in recent days, with a 17% increase over the past week. This upward trend was further solidified on 30 June, when the memecoin recorded gains of 7%, breaking out of its prolonged bearish trend. However, the trend reversal is not yet confirmed, as the price continues to fluctuate significantly following the latest bullish breakout.

At the time of writing, PEPE was trading near $0.00001034. The memecoin has seen a significant increase in trader and investor participation, resulting in a 135% surge in trading volume. This uptick in trading volume, coupled with the crypto’s recent upside, suggests strong bullish momentum. The question remains: Can this trend sustain itself for a longer period of time?

According to technical analysis, PEPE appeared to be bullish at press time and might be poised for significant upside. On the daily charts, the memecoin broke out of a prolonged bearish falling wedge pattern and closed a daily candle above it, indicating a successful breakout. At the time of writing, the price seemed to be retesting the local support level at $0.0000099. Based on its recent price action and historical patterns, if PEPE holds this level successfully, there is a strong possibility that the asset could soar by over 50% and hit the $0.0000154-level. However, if the price fails to hold this level, it could invalidate the breakout, and the asset may see some downside as a result.

The memecoin’s Relative Strength Index (RSI) stood at 45, indicating a potential shift in momentum. However, the asset was still neither overbought nor oversold on the charts. Given the prevailing market sentiment, experts and analysts have shown strong interest in the token. A crypto expert claimed that owing to PEPE’s “incredible” trajectory, its next upward move may be about to begin soon. Meanwhile, another analyst made a bold prediction that PEPE could surge by a solid 13,000% in the coming days. These posts on X gained massive attention from crypto enthusiasts.

Given the growing interest and the memecoin’s bullish price action, investors and long-term holders have begun accumulating the token. This was reported by the on-chain analytics firm. Data from the Spot inflow/outflow metric revealed that exchanges across the crypto landscape have seen outflows of $5.60 million worth of PEPE. Such a significant outflow from exchanges could be a sign of potential accumulation. It might also fuel buying pressure, while hinting at an ideal buying opportunity.

In summary, PEPE is currently poised for a potential 50% price rally after breaking out of a key falling wedge pattern and reclaiming bullish momentum. This rally is contingent on several factors, including the token's ability to maintain its upward trajectory and the broader market conditions. The token's recent price movements have been driven by its meme-first approach, which has captured significant market attention. However, the token's success is not guaranteed, and investors should be cautious when considering investments in meme tokens.