The price of PEPE remained robust after the cryptocurrency market crash, recovering over 40% in a single day. This optimism fueled the narrative of the meme coin being touted as the next substantial thing on Ethereum. The question remains, however, whether the price of PEPE will continue to rise if it has peaked this cycle.
PEPE price continues to be bullish from this point on
Despite being down about 30% from its all-time high of $0.00001718 on May 27, PEPE is still trending higher. This could indicate a continuation, as pointed out by pseudonymous cryptocurrency analyst “melikatrader94” in analysis on TradingView.
According to the cryptocurrency analyst, PEPE price has bounced off an internal trendline that acted as support for the meme coin. As a result, a double bottom has formed after the recent price bounce, which is bullish for the price.
Since the PEPE price quickly reacted to the internal trendline, the crypto analyst believes that this shows robust buying interest in the meme coin. Furthermore, the chart shows the formation of an ascending trendline, and given the history of ascending trendlines, the price could continue to rise if it does not break out of this channel.
The aforementioned double bottom makes it so that the price of PEPE is already seeing the effect of this bullish change. If that happens, the price will likely augment by over 150% from this point, reaching a recent all-time high of $0.00004128, according to the crypto analyst.
Invalidation scenarios
While the price of PEPE is still very bullish, there are still scenarios that could cause the price to spiral down. Barring a market-wide crash of Bitcoin and cryptocurrencies, the price of PEPE still has many resistance levels to overcome. One of them is the $0.000025 level.
Moreover, as the analyst points out, the price needs to stay above the internal trendline, which is currently just above $0.000008. As long as it holds at this point, the bulls remain in power and can try to push the price higher.
Another critical point to watch is the resistance in the middle of the channel. In this case, the resistance is just above $0.000025, which is above the current all-time high. This means there is still room to rise before any major resistance is hit.
Last but not least is the volume issue of the meme coin. If PEPE’s trading volume continues to augment, buying pressure could push the price towards recent all-time highs. However, a drop in trading volume could be detrimental to the price and lead to a reversal. “An increase in trading volume would further confirm the uptrend and provide additional confidence in achieving the target price,” the analyst said in conclusion.
Featured image created with Dall.E, chart from Tradingview.com
