The PEPE price has remained strong after the crypto market crash, recovering more than 40% in one day. This bullishness has fueled the meme coin narrative, which is being touted as the next big thing on Ethereum. However, the question remains whether the PEPE price will continue to rise from here once it has reached its peak for this cycle.
PEPE price is still bullish as of now
Despite being down about 30% from its all-time high on May 27 at $0.00001718, the PEPE price is still showing bullish trends. This could indicate a continuation, something that pseudonymous crypto analyst “melikatrader94” points out in a analysis on TradingView.
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According to the crypto analyst, the PEPE price has bounced off an internal trendline that has served as support for the meme coin. As a result, a double bottom has formed after the most recent price rise, and this is bullish for the price.
Since the PEPE price reacted quickly to the internal trendline, the crypto analyst believes that this indicates strong buying interest in the meme coin. Furthermore, the chart shows the formation of an ascending trendline, and given the history of ascending trendlines, the price could continue to rise as long as it does not break out of this channel.
With the double bottom mentioned above, PEPE price is already seeing the results of this bullish reversal. If this continues, the price is expected to rise again by more than 150% from now on and reach a new all-time high of $0.00004128, the crypto analyst said.
Invalidation scenarios
Although the PEPE price is still very bullish, there are still scenarios that could send the price lower. Barring a market-wide Bitcoin and crypto crash, PEPE price still has multiple resistance levels to overcome. One of them is the $0.000025 level.
Furthermore, as the analyst notes, the price should remain above the internal trendline, which is currently just above $0.000008. As long as it holds this point, the bulls remain in control and can try to push the price higher.
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Another important point to keep an eye on is the center channel resistance. In this case, resistance is just above $0.000025, which is above the current all-time high. This means that there is still room for growth before any major resistance arises.
Last but not least is the volume for the meme coin. If PEPE trading volume continues to rise, buying pressure could push the price toward new ATHs. However, a drop in trading volume can be detrimental to the price and lead to a reversal. “Increasing trading volume would further confirm the bullish trend and provide additional confidence in reaching the target price,” the analyst said in closing.
Featured image created with Dall.E, chart from Tradingview.com