Meme coin PEPE has been on an impressive rally for some time now. Stemming from a broader influx of funds into the meme coin sector and the overall cryptocurrency market that has been in motion for the past two weeks, PEPE is currently up by 38% in the last seven days, outperforming its meme coin counterparts with larger market caps.

Related Reading

Interestingly, this impressive price action has seen PEPE breaking out of a downtrend pattern that has lasted for the past six months. This significant development was highlighted on the social media platform X by well-known crypto analyst Captain Faibik.

According to the analyst, PEPE’s price action has resulted in an upward breakout from a symmetrical triangle pattern, a technical formation that has been dictating its consolidation period for half a year. 

Breakout From 6-Month Consolidation Pattern

Using a PEPE / Tether US chart shared on social media platform X, Captain Faibik highlighted PEPE’s price action since the beginning of the year. The chart showed that since it reached its all-time high of $0.00001717 on May 27, 2024, PEPE has yet to return to this price point. Periods of rallies have been characterized by the formation of lower highs and higher lows, leading to the formation of a symmetrical triangle pattern.

PEPE’s recent 38% rally has seen the meme coin break out substantially from the upper resistance trendline of the symmetrical triangle. From this point, the only place left to go is up.

Analyst Predicts 351% Surge To New ATH

With the breakout confirmed, Captain Faibik has set a bullish price target for PEPE. In terms of a price target, Captain Faibik noted that PEPE is now clear for a rally to a new all-time high. Specifically, he predicted a rally to a price target of $0.00003214. 

Getting to this price point would necessitate PEPE stepping into new price territories. Furthermore, the price target means PEPE would need to surge by an impressive 351.69% from its breakout point. Given the meme coin’s recent history, such a price surge is very possible, especially as the crypto industry is now transitioning into a predicted bullish fourth quarter.

As always with meme coins, extreme volatility and rapid price changes are expected. This is because investments in meme coins largely depend on the general sentiment among cryptocurrencies like Bitcoin, Ethereum, and sometimes Dogecoin (the king of meme coins). 

Related Reading

At the time of writing, PEPE is trading at $0.00001125, still on a 38% gain throughout last week. Other meme coins are on comparable gains in this time frame. Shiba Inu (SHIB) is up by 32%, Dogwifhat (WIF) rose by 33%, Bonk (BONK) climbed by 30%, and Floki (FLOKI) added 23%.

Dogecoin (DOGE), on the other hand, is up by a smaller 17% in the past seven days. These gains could continue into the coming week as the market remains bullish.

Featured image from Rolling Stone, chart from TradingView

An analyst who earned the “Master Trader” rank on the crypto exchange Bybit believes that one frog-themed memecoin will leave most digital assets in the dust.

Pseudonymous trader Bluntz tells his 276,300 followers on the social media platform X that he sees Pepe (PEPE) pulling off an over 2x rally en route to a fresh all-time high.

The trader shares a chart suggesting that PEPE could surge to as high as $0.22.

“I like to chart all my meme positions against each other to gauge what looks the strongest and then designate whichever that one is as my largest bag.

Healthy to have some diversification of course, but I always try to have my largest position in the fastest horse.

The fastest horse (of my bags) seems to be PEPE.” 

At time of writing, PEPE is trading for $0.000112, up over 5% on the day.

Another altcoin on the trader’s radar is Sui (SUI), a layer-1 crypto project referred to by many as the Solana (SOL) killer.

According to Bluntz, SUI appears to be in the midst of a wave three surge and he sees the altcoin bursting close to $2.60 before its five-wave rally concludes.

“SUI is just a certified beast at this point, every dip on four-hour ends up ABC looking and keeps trucking higher, even this one.

Definitely in a macro wave three still and hasn’t even had a wave four yet.” 

Bluntz relies on Elliott Wave theory, which states that a bullish asset tends to witness a five-wave surge with waves one, three and five serving as impulsive upside bursts and waves two and four as corrective periods. It also suggests that a bullish asset often rallies after an ABC correction.

Based on the trader’s chart, he seems to suggest that SUI will surge above $2 for its third wave before correcting and rallying to new all-time highs.

At time of writing, SUI is worth $1.71.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3