PEPE Price Gained 864% in the Last Year: Here’s What to Expect Next

Pepe Price Rallies: Bullish Pennant Pattern Indicates Potential 30% Gain

Amidst the resurgence of memecoins in 2024, Pepe has emerged as a strong contender. The cryptocurrency has resumed its rally, with a bullish pennant pattern on its 4-hour charts suggesting the potential for a 30% surge.

At the time of writing, Pepe traded at $0.00001271, having gained 5.39% in the past 24 hours with a trading volume of $1.2 billion.

Solid Performance and Investor Interest

Pepe has been one of the top-performing cryptocurrencies this bull season. Over the past year, it has witnessed a remarkable growth of over 864%, attracting numerous retail and institutional investors.

Bullish Pennant Pattern on Price Chart

On Pepe's 4-hour chart, the price has broken out of a bullish pennant chart pattern. A similar pattern, the Descending Triangle, formed between July 8 and 15, leading to a 36% gain for Pepe.

The bullish pennant chart pattern is known for its high return potential. In this instance, the pattern is defined by two converging oblique lines (in blue).

Positive Indicator Signals

The relative strength index (RSI) measures price momentum and currently indicates a score of 59 on Pepe charts. This suggests bullishness, as higher RSI scores signify stronger momentum.

Another indicator, the Moving Average Convergence and Divergence (MACD), confirms the bullish sentiment. The MACD has displayed a positive crossover on Pepe's 4-hour charts.

Support and Resistance Levels

As of this writing, Pepe's price is $0.00001271, with a 7.08% increase in the last 24 hours. It has strong support at $0.00001131 and $0.000008. On the upside, it faces resistance levels at $0.00001379, $0.00001546, and $0.00001712.

All-Time High Potential

Should Pepe's price exceed $0.00001712, it could establish a new all-time high, surpassing its previous peak of $0.00001718 reached on May 27, 2024.

Analyst Optimism

CryptoMutant, a renowned crypto analyst, also shares a bullish outlook for Pepe. In a recent tweet, they acknowledged the bullish penant formation and emphasized the importance of stop-loss strategies in managing volatility.

Challenges Ahead

Despite its positive momentum, Pepe faces a slight decline in its on-chain metrics. Santiment data shows a decrease in new addresses over the past three days. However, such metrics often adjust once a cryptocurrency establishes a new all-time high.

As the rally continues, Pepe is expected to attract more users and further bolster its bullish sentiment.