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

BNB price dropped 0.75% during a low-volatility Sunday, currently trading at $597. Like many major altcoins, this bearish pullback likely signals a brief cooling period for buyers to regain bullish momentum. Following the recent release of Changpeng Zhao ‘CZ’, Binance coin’s ability to hold above key support levels suggests the potential for an extended rally.

Will Binance Founder CZ’s Future Plans Drive BNB Price to a $700 Rally?

According to the U.S. Bureau of Prisons (BOP), the Binance founder Changpeng Zhao ‘CZ’ was released from a correctional facility in California on Friday. In April, Zhao was imprisoned for four months for violating the Bank Secrecy Act (BSA) due to Binance’s failure to implement an adequate know-your-customer (KYC) program.

The release announcement triggered an intraday gain of 1.5% in BNB price and retested the $614 level. Earlier today, CZ shared his first public statement, shedding light on his future endeavors. 

While his initial comment asked for relaxation time, he later mentioned that the online education platform Giggle Academy is making steady progress.

Zhao stated he “Will continue to invest in blockchain/decentralized technologies, AI, and biotech. I am a long term investor who care about impact, not returns.

He emphasized his growing interest in philanthropy and will continue his book.

Although Changpeng Zhao’s statements don’t directly affect the BNB price, he noted that Binance is thriving without his active involvement, which could boost investor sentiment.

gm, the food taste so good… And what a luxury to be able to have more than one piece of fruit per day!

I know some of you may have a lot of questions. I won’t have all the answers.

Let me chill for a bit. Then figure out the next steps. There are always more opportunities in… https://t.co/9hvgp8Bo97

— CZ 🔶 BNB (@cz_binance) September 29, 2024

BNB Eyes $800 Amid Inverted Head and Shoulders Breakout

In the last three weeks, the Binance coin price showcased an aggressive recovery from $482 to $618 high— a 28% increase. The bullish upswing revealed the formation of an inverted head and shoulder pattern and a decisive breakout from its neckline on September 23rd.

Since then, the altcoin has traded sideways, trying to stabilize above the breached resistance. With sustained buying, the post-breakout rally could drive the asset 34% up to challenge the $800 peak.

The Bollinger band indicator challenged on the upside indicates that buyers remain the dominant force to drive a prolonged rally.

However, despite the CZ release, the BNB price struggle to offer a suitable follow-up to the breakout signals the risk of a bull-trap. A possible breakdown below the neckline at $595 could drive a correction to $528.

✓ Share:

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: 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.