The frog-themed cryptocurrency PEPE has emerged as a catalyst for the current memecoin season, putting the spotlight back on the growth prospects of these wild and volatile digital assets. This viral memecoin has taken investors on a wild ride this year, experiencing both unpredictable highs and lows. After skyrocketing to a staggering $2 billion market cap within a matter of days, the cryptocurrency has recently faced a downward trajectory. However, there are signs of a shift in fortune for this popular meme currency, as its price has seemingly broken past a wedge pattern, particularly a rising wedge pattern, which often suggests a bullish outlook.
PEPE’s Bullish Flag Breakout
Notably, PEPE’s price has exhibited three lower lows since May 17, while the Relative Strength Index (RSI) has shown higher lows. This disparity, also known as forming bullish divergence, has historically indicated a potential upward momentum for the underlying asset. In the case of PEPE, this technical formation could potentially trigger a notable 20-30% rally in its price.
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PEPE Coin Price Action
While the market sentiment toward memecoins remains partially bullish, it’s worth noting that there is a lingering possibility of Bitcoin (BTC) experiencing a price crash to $25,000. If a drop in the price of Bitcoin sets off a selling frenzy, other cryptocurrencies, like PEPE, may follow suit. However, meme lovers and loyalists continue to actively participate in the market, fueling the overall enthusiasm surrounding these viral altcoins.
With PEPE memecoin breaking free from its wedge pattern and exhibiting signs of bullish divergence, investors and meme enthusiasts alike eagerly await the outcome, hoping for a resurgence that could mark a turning point in the popular meme cryptocurrency’s destiny. As things currently stand, the price of Pepe’s native token gained by 20.58% in the past 24 hours and is presently exchanging hands at $0.000001835.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.