PEPE Breakout, Signs of Flight?

Bittime - The price of the PEPE meme coin ($PEPE) has been performing positively so far this year, thanks in part to support from well-known personalities like Elon Musk.

Recently, Musk gave a boost to an entire group of digital assets inspired by the Pepe the Frog character after changing his profile picture to a meme called “Kekius Maximus.”

This meme depicts Pepe as a Roman soldier, linking the iconic character to the movie Gladiator II. The combination of these popular elements has pushed the value of the PEPE meme coin to new heights, with an increase of 11.2% in the last seven days.

With a market capitalization of $8.7 billion, PEPE remains one of the most valuable meme coins on the market. Its huge popularity and loyal fan base show that it has the potential to continue growing.

During the same period, other tokens such as Shiba Inu ($SHIB) and Dogecoin ($DOGE) also saw price increases, showing that interest in meme coins is still strong among investors.

Also read: Can PEPE Coin Reach the 1$ Target in the Near Future? Here's the Full Analysis!

Technical Analysis: Symmetrical Triangle Breakout

One of the most encouraging signals for PEPE was the symmetrical triangle breakout that occurred on December 31. At the time, the price jumped by 8% with trading volumes that were double the average, indicating that investors were very interested in this move.

Breakouts like this often signal a change in trend, and the surge in trading volume on the day of the breakout emphasized the importance of this price level to traders.

Since the breakout, the price of PEPE has increased by 3.9%. This may be just the beginning, as the asset seems poised to surpass its latest peak. The main resistance to overcome is $0.00002836.

If the price manages to break this level, PEPE could quickly rise to $0.00003500, providing a potential gain of 68.8% based on current levels.

Supportive Indicators for Price Increase

The Relative Strength Index (RSI) also supports this bullish expectation, with the oscillator breaking above the signal line. This suggests that buying momentum is on the rise, and traders holding long positions could see greater profit potential.

Although $PEPE's price of $1 still seems far away, this latest breakout gives hope to traders and loyal supporters of this meme coin.

Also read: PEPE Price Rises, Pepe Market Capitalization Also Rises!

Short-term and Long-term Outlook

With all factors in favor, PEPE Coin is showing signs that it can fly high in the near future. If the price can break through the existing resistance levels, many analysts believe that this coin can return to a significant growth path.

Traders should remain vigilant and monitor the price movements to capitalize on the potential gains.

Overall, PEPE Coin has performed impressively and with the support of well-known personalities and positive technical analysis, it may be ready to fly even higher. Investors interested in meme coins should consider following these developments and be prepared to take action when opportunities arise.

FAQ

What caused the PEPE Coin price to rise recently?

PEPE Coin's price rose thanks to endorsements from famous personalities such as Elon Musk, who changed his profile picture to a meme depicting the character Pepe the Frog. In addition, positive technical breakouts are also driving investor interest.

What is the current market capitalization of PEPE Coin?

Currently, PEPE Coin's market capitalization stands at around $8.7 billion, making it one of the most valuable meme coins on the market.

What is the future price potential of PEPE Coin?

If PEPE Coin manages to break the resistance level at $0.00002836, there is potential for it to rise to $0.00003500, providing a gain of approximately 68.8% based on current levels. Technical indicators such as RSI are also showing bullish momentum in favor of a price increase.

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Reference

cryptonews.com, Could Ethereum Price Be Getting Ready for ATH?, accessed on January 7, 2025.

Author: AWW