PepeCoin has struggled in the past few sessions as meme cryptocurrencies witnessed faded demand amidst macro uncertainties.
The frog-themed token added another zero early this month amidst intensified sell-offs.
However, PEPE’s price has printed a bullish pattern, attracting the attention of analysts and enthusiasts.
The meme coin has approached the breakout point of its optimistic setup as sentiments across the cryptocurrency market begin to change.
PEPE’s potential 40% surge
The meme token trades at $0.000007117 after a more than 6% increase in the past 24 hours.
PEPE has gained over 20% on its 7D chart, signaling resilience as uncertainty engulfs the sector.
Popular analyst Ali Martinez expects imminent bull runs for the meme crypto.
He highlighted that PEPE has created an inverse head and shoulder pattern on its hourly chart since early March.
The formation’s neckline at $0.0000075 represented a key resistance zone.
Meanwhile, PepeCoin’s movements in the past 24 hours have helped the altcoin complete the pattern’s right shoulder.
$PEPE could be about to enter a bull rally!
According to Martinez,
A sustained break above the $0.0000075 resistance could trigger a 40% price rally towards $0.0000100.
That would mean PEPE erasing the zero it added during early March bearish slides.
PEPE’s current price action
The frog-themed crypto trades at $0.7212 following an over 6% gain within the past day.
PEPE exhibits an upward stance, with a significant surge in daily trading volume suggesting near-term strength.
Technical indicators reveal PEPE’s shifting trajectory to bullishness.
The Chaikin Money Flow has recovered from its steep downtrends.
It read neutral after a steady upswing from March 16’s -0.23.
A rising CMF indicates more cash entering the asset as traders and investors execute bullish bets.
Coinglass data confirms these tendencies.
The on-chain analytics platform shows that PEPE traders are over-leveraged at around $0.00000771 on the upside and the lower region at $0.00000693, with $2.35M and $4.85M in longs and shorts, respectively.
That highlights a bull edge, supporting continued near-term price gains.
The 4H MACD demonstrates buyer comeback on PEPE’s ecosystem.
Moreover, the 4H Relative Strength Index at 55 indicates more room for price surges before Pepe reaches the overbought levels above 70.
Nonetheless, overall market sentiments remain vital in shaping PEPE’s trajectory in the up-and-coming sessions.
While bears have dominated lately, prevailing trends indicate shifting trajectories.
Crypto market overview: BTC’s impending breakout
While Bitcoin remains trapped below $85K, historical data and setups signal a possible breakout.
Analyst Reck Capital states that BTC’s current price movements echoed June 2021 actions.
Back in June 2021, price was consolidating between the 21-week EMA (green) and 50-week EMA (blue) after a crash
Right now, Bitcoin is consolidating between the same EMAs after a crash
(By the way, $BTC indeed broke out from its triangle by late July 2021 to reach new All…
The asset was stuck within the 21 and 50-week Exponential Moving Averages after sharp dips at the time.
Bitcoin eventually broke out to hit new all-time highs in November 2021.
The crypto consolidates between the EMAs after the latest crash, triggering speculations of impending rallies to record peaks.
A BTC rally to ATHs will see altcoins such as PEPE skyrocketing with astronomical gains.
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