The cryptocurrency PEPE has broken out of a long-term downtrend, showing increasing bullish momentum and targeting a significant price rise.
Reclaiming Bullish Momentum
According to analysis from Javon Marks, PEPE has reclaimed bullish momentum after breaking a long-standing downtrend on its 12-hour logarithmic chart. Currently trading at $0.00001314, PEPE has shown a 4.77% increase. The price targets a rise to $0.00002649, equating to a potential increase of nearly 88.8%. Traders view this as a turnaround from months of bearish pressure.
Strong Recovery After Accumulation Phase
PEPE's consolidation phase in February and March 2024 laid the groundwork for this recovery. The price established a reliable base, setting the stage for an upward breakout in April. The breakout occurred with strong volume and bullish candle patterns, confirming the end of the downtrend and shifting market sentiment.
Targeting $0.00002649 With Upward Momentum
The overall data indicates a clear path toward $0.00002649. This target sits well within previous highs for PEPE. Increased volume and sustained momentum make reaching this level appear realistic. Additionally, sentiment surrounding meme cryptocurrencies such as PEPE remains strong, driven by its community appeal.
PEPE's breakout above key resistance affirms bullish momentum, allowing for further growth expectations. The technical setups highlight the potential and structure, adding confidence to the current trend.
