The PEPE price has defied expectations, holding strong in the aftermath of the recent crypto market crash. In just one day, it surged more than 40%, sparking optimism among investors and enthusiasts who believe this meme coin could be the next big thing on Ethereum. But amid the excitement, a crucial question lingers: has PEPE reached its peak for this cycle, or is there more room for growth?
PEPE Price Still Bullish From Here
Despite a slight dip from its all-time high of $0.00001718 on May 27, the PEPE price continues to exhibit bullish behavior. Analysts like “melikatrader94” argue that the coin’s recent bounce off an internal trend line, forming a double bottom, signals further upside potential.
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The strong response to the internal trend line suggests robust buying interest in PEPE. Additionally, with an ascending trend line taking shape on the chart, there is optimism that the coin’s price could climb higher, as long as it stays within this upward channel.
With the current bullish momentum fueled by the double bottom formation, the PEPE price could surge by over 150%, reaching a new all-time high of $0.00004128, according to melikatrader94.
Scenarios For Invalidation
While the bullish case for PEPE remains strong, potential scenarios could derail its upward trajectory. Aside from a broader market crash, the coin faces key resistance levels, including the $0.000025 mark.
Sustaining above the internal trend line around $0.000008 is crucial for maintaining bullish momentum. Additionally, overcoming the mid-channel resistance above $0.000025 presents a significant challenge, but one that could unlock further growth.
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Ultimately, trading volume plays a vital role in determining PEPE’s price direction. Increasing volume could support further price gains, while declining volume might signal a reversal. Monitoring these factors will be essential for gauging PEPE’s future performance.
Featured image created with Dall.E, chart from Tradingview.com
As the PEPE saga unfolds, it serves as a reminder of the volatile nature of the crypto market. While the current bullish momentum is encouraging, investors should remain vigilant and adapt to changing market conditions. Stay informed with the latest news and analysis from DeFi Daily News for more insights on trending topics like PEPE and other digital assets.
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