- PEPE forms an ascending triangle with strong support at $0.000013000, suggesting bullish continuation if volume strengthens.
- Price holds above all major EMAs, confirming an upward trend, while MACD shows neutral momentum awaiting breakout confirmation.
- RSI dipped from overbought to 65.24, indicating consolidation before a potential breakout above the $0.000015000 resistance.
Pepe (PEPE) is trading near a major resistance zone at $0.000015000. The memecoin has gained by 4.01% in the past 24 hours, now trading at $0.00001349. Another bullish formation may fuel another rally as per analysts.
Lark Davis noted a breakout from a large triangle pattern, which he describes as a potential uptrend continuation. The setup includes rising lows against a horizontal resistance, suggesting growing pressure for a breakout move. However, he cautioned that Bitcoin’s movement could still influence the outcome in the short term.
Ascending Triangle Pattern Formation
The latest formation shows an ascending triangle, created by higher lows and a flat top near the $0.000015000–$0.000015800 zone. This outlook often appears during bullish trends and may indicate continuation if volume strengthens.
The key support is at $0.000013000, aligning with the lower trendline of the triangle. Pepe has already broken past previous consolidation ranges, especially the earlier top at $0.000010000, confirming momentum has shifted upward.
Indicators Show Strong Uptrend but Caution Persists
Indicators show a firm bullish bottom, with all key exponential moving averages (EMAs) trending upward. The EMA 20 is at $0.000012048, while the EMA 50 and EMA 200 are at $0.000010333 and $0.000010783, respectively.
Current price action is above all these levels. This positions the asset with strong support underneath. The MACD line has crossed above the signal line with positive values.
The RSI, however, has entered overbought levels. Sitting at 73.29, the index suggests a risk of near term cooling if volume fails to rise further.
Price Consolidation Adds Pressure at Resistance Level
According to Bitcoinsensus, Pepe’s outlook resembles its February 2023 setup, just before a major move. The token has stayed above $0.000010000 since early May and recently consolidated below $0.000015000.
RSI levels have cooled to 65.24, with past peaks reaching above 80. This shift suggests a possible upward move, but also points to a brief pause. The MACD shows a flat histogram with the line and signal level equal at 0.00000129, suggesting neutral momentum for now. A move above $0.000015000 may lead to a new rally.
