Preparing for Triangular Exodus: Could a 78% Surge Be Imminent for PEPE?
In a recent technical analysis (TA) post, analyst Ali Martinez has identified a significant pattern in the Pepe cryptocurrency. Martinez has pointed out that Pepe has seen a breakout above an Ascending Triangle on the daily timeframe.
Martinez shared a chart showing Pepe trading inside a 1-day Symmetrical Triangle since December of last year. This pattern forms when an asset observes consolidation between two trendlines, and in this case, the range of Pepe's price movement has been shrinking. Tighter ranges in an asset's price movement increase the likelihood of breakouts.
The upper trendline acts as a resistance barrier for Pepe, while the lower trendline provides support. As Pepe's price is now near the apex of the triangle, a potential breakout could be imminent.
A breakout for Pepe could occur in the near future, and Martinez suggests it could be a bullish sign. Based on the length of the triangle's base, a possible breakout for Pepe could be a 78% move.
However, it's important to note that Symmetrical Triangles typically have an equal bias in both directions. A decline under the Symmetrical Triangle could be a bearish sign for Pepe.
At the time of writing, Pepe is trading around $0.00001137, up more than 9% over the last week. It's worth keeping an eye on this cryptocurrency as it moves forward, and we'll continue to monitor any developments.
