Over the last month, PEPE has been a standout performer in the memecoin sector, registering a 30.13% increase. Recently, it has extended its positive momentum with an additional 3.90% surge.
The possibility of further advancements is substantial, with estimates indicating that PEPE could reach a trading value of $0.00001725—potentially marking a 60% rise from its current price.
Anticipated Rally Triggered by Double Bullish Formation
PEPE has developed another bullish technical setup and is presently trading within a symmetrical triangle—a continuation of the breakout from a prior, larger symmetrical triangle.
This fresh pattern signifies that PEPE has initiated a new accumulation phase, as buyers are consistently increasing their holdings in preparation for a potential upsurge.
If there is a confirmed breakout from this setup, PEPE’s next target price would be $0.00001725, the peak of the previous symmetrical triangle. Failure to break out would result in PEPE maintaining its position within the symmetrical pattern for an extended period.
Based on CryptoCrypto’s analysis, technical indicators point towards an imminent breakout from this accumulation phase.
Imminent Breakout on the Horizon for PEPE
The Accumulation/Distribution (A/D) indicator, which monitors traders’ buying and selling activities, indicates that PEPE is currently experiencing a buying trend.
This is corroborated by an upward trend in the A/D line, indicating accumulation and positive market sentiment. Such behavior has the potential to drive the price towards the next projected target.
Further reinforcing this trajectory is the Relative Strength Index (RSI), which has started to climb, signifying robust buyer interest. With the RSI currently at 59.41, it indicates the increasing influence of buyers, pushing PEPE further into bullish territory.
RSI gauges the velocity and direction of price movements, with an upward movement typically indicating sustained strength in the asset’s price.
Potential Delay in PEPE’s Breakout Due to Decrease in Active Addresses
Recent data from IntoTheBlock reveals a 7.89% decline in the number of active addresses (AA) engaging with this memecoin over the past week.
The AA metric measures traders’ interaction with an asset, and a decline of this nature indicates reduced purchasing activity despite the positive market trend.
This dip in active engagement implies that the expected breakout may face delays or lack the necessary momentum to facilitate significant price changes.