- PEPE could soar by 22% to hit the $0.000022-level if the sentiment remains unchanged
- Memecoin’s RSI suggested that PEPE may have enough room to rally significantly on the charts
Pepe (PEPE), the market’s third-largest memecoin, may be poised for massive upside momentum soon after it formed a bullish price action pattern on its daily timeframe.
Reasons behind PEPE’s latest price surge
Sentiment around the memecoin shifted after reports broke out that the U.S. Securities and Exchange Commission (SEC) will review pending cases and freeze those unrelated to fraud.
These reports, pertaining to a newly restructured SEC under Donald Trump’s administration, have positively affected not just PEPE, but the rest of the crypto-market too. In fact, soon after the news broke out, the likes of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), all gained significantly on the price charts.
Expert’s buy signal for PEPE
On the back of the memecoin’s latest uptrend, popular crypto analyst Ali shared a post on X (formerly Twitter), stating that a technical indicator named TD Sequential has flashed a buy signal for PEPE on its daily chart.
According to Ali, however, this buy signal emerged after PEPE broke out of a prolonged consolidation phase near a key support level following yesterday’s rally.
PEPE’s price action and key levels
Besides this, PEPE’s daily chart appeared to be forming a bullish double-bottom price action pattern, which further highlighted the potential for a massive upside rally in the future if sentiment remains unchanged.
Worth pointing out, however, that after impressive gains of 14%, the memecoin seemed to be correcting at press time.
Source: TradingView
AMBCrypto’s technical analysis also revealed that PEPE remains bullish. Especially since it seemed to be trading above the 200-day Exponential Moving Average (EMA) on the daily chart – Signaling an uptrend.
Meanwhile, the memecoin’s Relative Strength Index (RSI) was below the overbought zone after an impressive price surge, at press time. This suggested that PEPE may have enough room to rally significantly.
PEPE price prediction
Based on its recent price action and historical momentum, if the prevailing market sentiment remains unchanged, there is a strong possibility that PEPE could initially soar by 22% to hit the $0.000022-level. If it breaches this level, it could further climb to the $0.0000269-level in the future.
PEPE’s daily chart also revealed that the $0.000022-level is a potential neckline of its double-bottom price action pattern, which the memecoin could breach if sentiment remains unchanged.
