Top Analyst Predicts Pepe Coin Price Rally By 88%, Here’s How

Key Insights:

• PEPE coin price broke key trendline resistance, targeting $0.00002745 if bullish momentum sustains.
• Rounded bottom formation on weekly chart signals potential PEPE reversal to $0.00001872 and $0.00002745.
• 0.618 Fibonacci level at $0.00000941 is a ideal long entry if PEPE retraces and holds support.

Attention is growing on Pepe Coin (PEPE) price as analysts spot signs that suggest it could surge. Recently, the token broke above a crucial downward trendline, suggesting that a notable increase in its price could happen.

Pepe Coin (PEPE) Price Breakout from Key Trendline

Notably, PEPE coin price overcame a key trendline on its logarithmic chart of 12 hours, indicating that a new bullish trend may be starting. A breakout from a prolonged downtrend could mark the start of a notable price rally. With the breakout, the token was positioned to regain its previous higher prices.

In addition, analyst Javon Marks’ latest chart pointed to this breakout, showing that PEPE could rise by 88.8% to the $0.00002649 level soon. The next key resistance zone comes into focus, creating a key obstacle for market bulls to overcome.

If the current bullish sentiment holds, this move could attract more traders, further supporting the price rally.

Rounded Bottom Formation Signals Major Reversal Potential

More so, a rounded bottom pattern is developing on the weekly timeframe for PEPE, which often precedes a strong move upward. Based on this, the token could soon see a new rise in value because of an increase in interest and volume.

Based on this chart pattern, Rose Premium Signal noted that the meme coin could reach two main upside targets. The first level of significant resistance is at $0.00001872. The next target corresponds to the resistance level at $0.00002745.

Consequently, if these levels are reached, it would be due to extended buying and the rounded bottom, suggesting the market is trending back to bullishness.

Fibonacci Retracement Levels Offer Key Support Zones

Furthermore, the 0.618 Fibonacci Retracement level at $0.00000941 is a significant support zone for traders planning to enter the market. In the past, this area has often seen prices rebound in bullish situations, making it an attractive opportunity for traders to enter the market.

Besides, if PEPE coin price sustains a position above this level during short-term declines, it may strengthen the upward trend and make a full recovery more likely. This setup aligns with the broader technical framework supporting the bullish case for PEPE, as long as market conditions remain favorable.

PEPE Coin On-chain Metrics Signal a Bullish Outlook

According to on-chain metrics, PEPE coin derivatives saw a significant rise of 97.96% in their trading volume to $2.48 billion, indicating that more users are showing interest. While trading increased, the Open Interest dropped 0.74% to $511.12 million, suggesting some traders are being more cautious.

In addition, the long/short ratio for Binance was almost even at 0.9539, while OKX showed a stronger bullish trend with a 2.16 ratio. Liquidation data revealed that, in 12 hours, $6.17 million was liquidated, with long positions taking up $3.82 million and short positions using $2.35 million. This trend, coupled with the strong long liquidations, suggested a potentially volatile phase ahead.

Moreover, PEPE coin price recently broke out of a long downtrend and reached a key support level of $0.00000127, considered bullish. Hence, since the coin broke out and a strong buying wall is near this zone, it may lead to higher prices. Resistance was mostly at $0.0000018, and the next targets were at $0.0000023 and $0.0000030.

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