PEPE Price Surge: Can the Bullish Flag Pattern Drive Prices to $0.000045?

Published by

Sohrab Khawas

December 5, 2024

PEPE Price Surge: Can the Bullish Flag Pattern Drive Prices to $0.000045?

With the crypto market nearing the $4 trillion market cap, the meme coins are on a rally. PEPE has increased nearly 7% among the top-performing meme coins over the past 24 hours.

Ranking as the 21st biggest cryptocurrency, PEPE is inching closer to a $10 billion market cap. Will the ongoing bullish rally result in an extended run for a new all-time high? Let’s find out.

PEPE Price Analysis

In the 4-hour chart, the price action showcases a sideways consolidation between $0.00001754 and $0.00002332. The consolidation range also forms two parallel trend lines.

Furthermore, the mentioned boundary lines coincide with the 0.00002360% Fibonacci level. The sideways range forms a bullish flag pattern with the prevailing bull run.

The PEPE price is currently trading at $0.00002205 with a higher price action in the 4-hour candle. This bullish candle is challenging the overhead ceiling by completing a rounding-bottom reversal.

PEPE Technicals and Price Targets

As the broader market recovers, the short-term recovery in PEPE results in a bullish crossover in the MACD and signal lines. Furthermore, the dynamic support from the 50-EMA line and the 100-EMA line in the 4-hour chart increases the chances of a breakout rally.

The neckline of the rounding-bottom pattern coincides with the 0.00002360% Fibonacci level. In case of a bullish surge beyond the 23.60% Fibonacci level at $0.00002332, the massive surge will surpass the current all-time high level at $0.00002581.

Using the trend-based Fibonacci levels, the upside price targets are at $0.00003208, followed by $0.00004530. In case of a bullish failure, a sideways continuation will likely continue via solid support at $0.00001754 in confluence with the 200-EMA line.

FAQs

Can PEPE surpass its all-time high?

If the price breaks the $0.00002332 resistance level, the meme coin could surpass its all-time high of $0.00002581, targeting $0.00003208.

What is the key support level for PEPE?

The key support level for PEPE is at $0.00001754, coinciding with the 200-EMA line, which could prevent a further downside.

What are the upside targets for PEPE?

The immediate upside targets for the meme coin are $0.00003208 and $0.00004530, based on trend-based Fibonacci levels.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.