The third most significant memecoin in the market, Pepe (PEPE), appears to be on the brink of a substantial increase in positive momentum following the formation of a bullish price pattern on its daily timeframe.
Factors Driving PEPE’s Recent Price Surge
Market sentiment towards the memecoin took a turn after reports surfaced indicating that the U.S. Securities and Exchange Commission (SEC) would be reviewing pending cases and freezing those unrelated to fraud.
These reports, which relate to a revamped SEC under the administration of Donald Trump, have had a favorable impact not only on PEPE but also on the broader cryptocurrency market. Following the news, notable cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) all experienced significant price increases on the charts.
Professional Recommendation to Buy PEPE
In light of the recent uptrend in the memecoin, respected crypto analyst Ali shared a social media post on X (formerly Twitter), revealing that a technical indicator known as TD Sequential has issued a buy signal for PEPE on its daily chart.
According to Ali, this buy signal only emerged after PEPE broke out of an extended consolidation phase near a critical support level in the aftermath of yesterday’s surge.
PEPE’s Price Movement and Significant Levels
In addition to this, PEPE’s daily chart seemed to be developing a bullish double-bottom price pattern, further emphasizing the potential for substantial upward movement in the future if sentiment remains steady.
It is noteworthy, however, that after an impressive gain of 14%, the memecoin appeared to be undergoing a correction at the time of reporting.
Furthermore, CryptoCrypto’s technical analysis revealed that PEPE maintains a bullish stance, particularly as it continues to trade above the 200-day Exponential Moving Average (EMA) on the daily chart, indicating an upward trend.
Meanwhile, the memecoin’s Relative Strength Index (RSI) was below the overbought territory following its noteworthy price surge, hinting that PEPE may have further room for significant growth.
Forecast for PEPE’s Price
Based on its recent price movements and past momentum, if the current market sentiment persists, there is a strong likelihood that PEPE could see an initial surge of 22% to reach the $0.000022 level. Should it surpass this point, further advances towards the $0.0000269 level could be on the horizon.
Additionally, PEPE’s daily chart showcases that the $0.000022 level acts as a potential neckline for its double-bottom price pattern, which the memecoin might breach if market sentiment remains firm.