PEPE has staged a sharp rebound from a major support level, causing bullish speculation about a potential 100% rally. The crypto token is currently showing signs of renewed upward momentum after holding above the $0.00000567 support zone that has previously acted as a price floor on the daily candlestick timeframe chart. Particularly, technical analysis suggests that PEPE is about to go on a 100% price bounce from the support level.
Technical Structure Points To Bullish Continuation For PEPE
PEPE’s price action has been steady since the beginning of the year, extending a correction run after it reached a peak price of $0.00002803 on December 9, 2024. The extended decline and accompanying selling pressure saw the PEPE price clean out most of its gains in Q4 2024 until it reached a low of $0.00000525 in early March, which has served as a horizontal support level.
The latest chart setup reflects another clean bounce from this horizontal support in the past few days. According to a technical analysis posted on TradingView, the bullish scenario is now developing, especially after the price reclaimed the $0.00000710 level. This move not only confirms strength at the base but also opens the door to a potential breakout targeting $0.00001447. However, there is still a resistance level to watch out for around $0.000009, where a brief rally was rejected in late March.
The analyst behind the post highlighted a simple risk-managed setup: a long entry above $0.00000710, a stop loss below $0.00000567, and a target that essentially doubles the current price. The broad structure resembles a breakout-ready consolidation, where prior lows have held firm and the latest candles are pushing toward the neckline of a range-bound zone.
Momentum Building Steadily In Broader Crypto Market
At the time of writing, PEPE is trading at $0.0000074, and a run to the price target at $0.00001447 would represent a 95% return for bullish traders who get in at the current price. Interestingly, this bullish outlook is the first in a while, as the PEPE price has been mostly highlighted with bearish analyses in the past two weeks. One analyst even highlighted a potential crash towards $0.0000055 if PEPE were to lose a support level at $0.0000065. This has since come to pass, and the meme coin has finally found a strong bounce at this point.
The current sentiment in the crypto market appears constructive, with most cryptocurrencies starting to see gains after a crazy few weeks. This constructive sentiment is led by Bitcoin, which has now returned to trading around $85,000. The price action looks positive, and steady inflows could cause the meme coin to ride the bounce towards $0.00001447 before the end of April.
Featured image from Adobe Stock, chart from Tradingview.com
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