Meme coin PEPE has been hovering close to an important assist degree over the previous few weeks, following a sustained decline that started at first of the yr. Interestingly, a crypto analyst on TradingView has highlighted this value assist as a make-or-break level for PEPE, suggesting {that a} breakout above this zone may spark a 400% rally towards $0.0001. This outlook comes after a particularly challenging week for your entire crypto market, throughout which PEPE prolonged its losses and dropped to its lowest value level in months.
This Level To Trigger 400% Move For PEPE
Technical evaluation reveals that PEPE’s upward trajectory hinges on a bounce at assist round $0.00000650. This attention-grabbing evaluation was highlighted by a crypto analyst on the TradingView platform utilizing the PEPE weekly candlestick timeframe chart.
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This assist degree comes into play in mild of PEPE’s prolonged decline since the beginning of the year. Interestingly, technical evaluation reveals that the decline appears like a repeating sample of the meme coin’s value motion in 2024. The ongoing correction stems from PEPE’s peak value of $0.00002803 in December 2024, which the analyst termed the third drive. Notably, earlier first and second drives in 2024 have been additionally every accompanied by a correction section after rallies.
Interestingly, the meme coin has proven indicators of life previously 24 hours with a push above this assist degree and climbing into the $0.000007 vary. However, the uptrend couldn’t be outlined but, and the crypto analyst famous that any uptrend will depend upon how PEPE reacts with an important resistance zone between $0.00001150 and $0.00001200.
This degree has beforehand acted as assist however has now became resistance. Therefore, a weekly shut above this zone would verify a bullish breakout and a possible development reversal from bearish to bullish.
Price Targets If The Meme Coin Breaks Above Resistance
A break above $0.00001200 would cement a breakout with extra momentum for PEPE. Such a breakout would mark the primary bullish catalyst shortly, verify momentum, and result in elevated buy-side strain with an aggressive upward transfer. From right here, the following resistance ranges are projected to be round $0.00001700 to $0.00002200. A transfer to $0.00002200 will almost certainly cascade into extra momentum above its present all-time excessive of $0.00002803.
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The analyst further predicted a value goal of $0.0001, supplied the bullish momentum sustains itself. However, failure to shut above the important thing resistance degree at $0.00001200 may lead to a continued downtrend, with PEPE probably retesting decrease assist zones round $0.00000650 to $0.00000550.
At the time of writing, PEPE is buying and selling at $0.000007239, up by 4.4% previously 24 hours. PEPE’s potential to maintain such an upward trajectory would depend upon broader market conditions for Bitcoin and different massive market cap cryptocurrencies.
Featured picture from Adobe Stock, chart from Tradingview.com
