PEPE Meme Coin Breaks 6-Month Downtrend, Analyst Predicts 351% Surge To New ATH

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

Meme coin PEPE has seen a massive 38% surge in the last seven days, outperforming other meme coins with a larger market cap. This surge is noteworthy as it marks a breakout from a downtrend pattern that has gripped PEPE for the past six months.

Well-known crypto analyst Captain Faibik highlighted this development on the social media platform X. Using a PEPE / Tether US chart shared on X, Captain Faibik showcased PEPE’s price action since the beginning of the year.

The chart reveals that since reaching its all-time high of $0.00001717 on May 27, 2024, PEPE has not managed to return to this price level. Periods of rallies have been defined by lower highs and higher lows, forming a symmetrical triangle pattern.

However, PEPE's recent 38% rally saw the meme coin breaking out significantly from the upper resistance trendline of the symmetrical triangle. From this point on, the only direction is up.

After confirming the breakout, Captain Faibik 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.

Reaching this price point would require PEPE to enter new price territories. Moreover, the price target indicates that 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 possible, especially as the crypto industry transitions into a predicted bullish fourth quarter.

As always with meme coins, expect extreme volatility and rapid price changes. This is because meme coin investments are largely influenced by the broader sentiment in cryptocurrencies like Bitcoin, Ethereum, and at times Dogecoin (the king of meme coins).

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

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

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