PEPE Coin Emerges From Consolidation With 50% Explosion: Can The Meme Coin Do Another 2x Rally?
Release: 2024/02/27 20:34 Reading: 311
Pepe, the coin inspired by the iconic internet meme Pepe the Frog, has abruptly vaulted over 50% higher in the last 24 hours – breaking out of months of rangebound consolidation with volume surging nearly 400%.
Respected analysts now eye the explosive move as just the beginning, with an additional 100% vertical ascent forecast as meme coin mania returns.
PEPE Inverse Head And Shoulders Breakout Done
Veteran chartist Team LAMBO shared his target of almost 2x to a peak around $0.0000043. The analyst also called attention to Pepe’s clean technical breakout from a bullish ‘Inverse Head & Shoulders’ continuation structure last week.
“Target should absolutely be 2x off here! 0.00000430,” the analyst asserts. This intermediate target implies Pepe doubling from breakout levels – with scope for even greater upside follow-through back toward all-time highs.
Supporting the vertical price action, PEPE trade volumes have suddenly exploded to nearly $900 million worth transacted in the past 24 hours alone—evidence of a feeding frenzy underway.
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Show more +RSI Flashes Overbought at 86 But With Room to Run
In terms of momentum, PEPE’s surge higher registers clearly on the daily Relative Strength Index indicator. Posting a reading now of 86.41, Pepe signals overbought conditions – having climbed too far too fast on an intraday basis.
However, RSI levels exceeding 90 were reached for extended periods during prior bull runs. This leaves fuel in the tank for continuation once immediate overheating cools. Pullbacks should find eager dip buyers waiting to restart the next leg higher.
Memecoin Season Cycle Poised to Rotate Gains into PEPE
Crucially, Max of crypto investment firm BecauseBitcoin argues that the newly sparked uptrend forms Pepe’s next peak against its memecoin peers rather than mirroring their rallies.
In Max’s assessment: “your meme coin is going to pump as well. But $PEPE is going to outperform. Pepe paired against all of these other meme coins looks absolutely fantastic.”
With investors primed to rotate speculative gains across the most bullish technical setups, Pepe holds a coveted spot to attract inflows. Having consolidated for nearly a year as projects with weaker fundamentals pumped, Pepe seems ready to play catchup with furious velocity.
You may also be interested in:
- Why is the Crypto Market Up Today?
- Can Pepe Token Reach a New All-time High? – Analyst Says $PEPE Will “Outperform” All Other Meme Coins – Here is Why
- Bonk’s Recent Surge Signals More Highs; The Graph and Rising AI Altcoin Gain Investor Trust
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The post PEPE Coin Emerges From Consolidation With 50% Explosion: Can The Meme Coin Do Another 2x Rally? appeared first on CaptainAltcoin.
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