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Meme coin PEPE has been making an impressive rally for some time now. Reflecting broader fund inflows into the meme coin sector and the overall cryptocurrency market in flux over the past two weeks, PEPE is currently up 38% in the past seven days, outperforming its meme coins counterparts with larger market capitalizations. .
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Interestingly, PEPE has seen this impressive price action breaking a downward trend pattern that has lasted for the past six months. This important development was highlighted on the social media platform X by renowned crypto analyst Captain Faibik.
According to the analyst, PEPE’s price action has resulted in an upside breakout from a symmetrical triangle pattern, a technical formation that has dictated the consolidation period for half a year.
Breakout from the six-month consolidation pattern
Using a PEPE/Tether US card shared on social media platform X, Captain Faibik highlighted PEPE’s price action since the beginning of the year. The chart showed that since PEPE hit its all-time high of $0.00001717 on May 27, 2024, it has yet to return to this price point. Periods of rallies are characterized by the formation of lower highs and higher lows, leading to the formation of a symmetrical triangle pattern.
PEPE’s recent 38% rally has seen the meme coin substantially break out of the symmetrical triangle’s upper resistance trendline. From this point on, the only place we can go is up.
Analyst predicts a 351% increase to new ATH
Now that the breakout has been confirmed, Captain Faibik has set a bullish price target for PEPE. Regarding the price target, Captain Faibik noted that PEPE is now poised to rally to a new record high. Specifically, he predicted a rally to a price target of $0.00003214.
To reach this price point, PEPE would have to enter new price areas. Furthermore, the price target means that PEPE should rise an impressive 351.69% from the breakout point. Given the meme coin’s recent history, such a price increase is entirely possible, especially as the crypto industry is now transitioning to a predicted a bullish fourth quarter.
As always with meme coins, extreme volatility and rapid price changes are expected. This is because investments in meme coins largely dependent on the general sentiment among cryptocurrencies such as Bitcoin, Ethereum and sometimes Dogecoin (the king of meme coins).
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At the time of writing, PEPE is trading at $0.00001125, still up 38% over the past week. Other meme coins are making similar gains in this time frame. Shiba Inu (SHIB) has increased by 32%, Dog hat (WIF) rose 33%, Bonk (BONK) climbed 30% and Floki (FLOKI) added 23%.
Dogecoin (DOGE), on the other hand, it is up a smaller 17% over the past seven days. These gains could continue into the coming week as the market remains bullish.
Featured image from Rolling Stone, chart from TradingView
