Recent PEPE price performance has not lived up to the explosive rallies that the meme coin has become known by, slowing down over the last year. However, with the move toward the last quarter of the year, the meme coin’s luck looks to be turning after staging an over 10% rally over the weekend. The possibility of the PEPE price rally continuing is now even higher after the formation of a falling wedge pattern that points toward more bullish movements.
PEPE Price Shows Bullishness With Falling Wedge Pattern
A pseudonymous crypto analyst on the TradingView website has painted a rather bullish picture for the PEPE price in the near term. According to the analysis shared, the first sign of bullishness has been the emergence of a falling wedge pattern, something that indicates that the meme coin is incredibly bullish from here.
Related Reading
As the crypto analyst explains, falling wedge pattern formations have historically been known as one of the better and reliable bullish reversal setups. Thus, it is expected that it would play out in a similar manner for the PEPE meme coin, eventually leading to double-digit price gains.
One major thing that the falling wedge pattern indicates is that sellers are running out of steam. Once this happens, demand has time to pick up, and this leads to the first stage of the reversal, as seen over the weekend. As long as volume continues to hold up high, then this pattern could see a confirmation.
Once confirmed, the next step is the PEPE price going on a major rally. This is where the real fun begins, because the falling wedge pattern signals the start of another breakout. As more investors pile into the meme coin, the possibility of this rally starting becomes higher.
Related Reading
How High Will The Price Go?
If the breakout is confirmed, then the crypto analyst is already calling this a high-reward trading opportunity for investors. It is expected that the PEPE price will rise above $0.000018 as a result of this move, which would mean an over 60% increase in the price.
Furthermore, there is the possibility of a bullish continuation, and in this case, the price could see up to a 90% increase, and even double in the best-case scenario. However, a rally to an all-time high will remain elusive unless bullish momentum continues to rise and buyers are able to take full control of the price.
Featured image from Dall.E, chart from TradingView.com
Credit: Source link
