A rally is expected for Pepe (PEPE), which has formed an ascending triangle formation on the price chart.
Ethereum$ETH
It has been suggested that the frog-themed memecoin launched on the blockchain could reach a new all-time high (ATH). AMBCrypto said, “Both whales and individual investors are accumulating PEPE and expecting an increase,” and stated that PEPE could rise to $ 0.00001725.
PEPE, which has increased by 16.11% on the weekly chart, is giving bullish signals. It has the potential to break a new record if it breaks the current ascending triangle formation. The analysis emphasized that the resistance and support zones form a symmetrical triangle. PEPE, which recently found strength from the support at $ 0.00000701, reached the upper resistance of the triangle formation at $ 0.00000876. This resistance point coincides with a potential trend resistance.
As the symmetrical triangle formation approaches its breakout point, selling pressure is also reported to be decreasing. “A breakout above the upper resistance line is required. Successful breach of this level could carry the memecoin to the 2024 high of $0.00001725 or an intermediate target of $0.00001307,” the analysis said.
However, if the resistance in question cannot be broken, PEPE$PEPE
It was emphasized that the decline will occur and that the support at $0.00000701 is critical.
The Relative Strength Index (RSI) analysis provided data to support the rally. “The RSI is currently trending upwards at 56.75, suggesting that the price will follow suit. An increase in the RSI is usually seen ahead of a potential rise in the asset’s price,” the analysis said.
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