PEPE has staged a sharp rebound from a major support level, inciting bullish speculation about a potential 100% rally. The crypto token is currently exhibiting signs of renewed upward momentum after holding above the $0.00000567 support zone, a level that has previously acted as a price floor on the daily candlestick timeframe chart. Particularly, technical analysis suggests that PEPE may be gearing up for a 100% price bounce from this support level.
Technical Structure Points To Bullish Continuation For PEPE
Since the beginning of the year, PEPE’s price action has been relatively stable, following an extended correction after reaching a peak of $0.00002803 on December 9, 2024. The ongoing decline and accompanying selling pressure have seen PEPE’s price erase most of its gains from Q4 2024, bottoming out at a low of $0.00000525 in early March, which now serves as a horizontal support level.
The latest chart setup indicates a clean bounce from this horizontal support within the last few days. According to an analysis on TradingView, the bullish scenario is unfolding, particularly following the price reclaiming the $0.00000710 level. This maneuver not only signifies strength at the base but also paves the way for a potential breakout targeting $0.00001447. However, traders should remain vigilant about a resistance level at approximately $0.000009, where a brief rally faced rejection in late March.
The analyst behind this analysis emphasized a risk-managed trading approach: entering long positions above $0.00000710, placing a stop loss below $0.00000567, and aiming for a price target that essentially doubles the current valuation. This broader technical structure suggests a breakout-ready consolidation phase, where previous lows are holding firm while recent candlestick formations indicate a push towards the neckline of a range-bound zone.
Momentum Building Steadily In Broader Crypto Market
As of the time of writing, PEPE is trading at $0.0000074, indicating that a move towards the target price of $0.00001447 would represent a 95% gain for bullish traders entering at the current price. Interestingly, this bullish outlook marks a shift in sentiment, as PEPE’s recent price action has largely been characterized by bearish analyses. Just weeks ago, one analyst even forecasted a possible decline towards $0.0000055 should PEPE fall below the $0.0000065 support. This scenario has since played out, with the meme coin successfully rebounding from this crucial point.
The current sentiment within the crypto market appears increasingly constructive, as a majority of cryptocurrencies are beginning to exhibit gains following a turbulent period. Leading the bullish trend is Bitcoin, which has recovered to around $85,000. Positive price action and continuous inflows could enable PEPE to ride the current momentum, potentially reaching $0.00001447 before the end of April.
