$PEPE Token Shows Signs of Life, Stashing a Breakout Pattern That Led to a 100% Rally

Meme token $PEPE is showing signs of life again after weeks of sluggish price action, and technical indicators suggest a potential breakout may be on the horizon

Meme token $PEPE is showing signs of life again after several weeks of sluggish price action, and technical indicators suggest a potential breakout may be on the horizon, echoing a similar setup that led to a 100% surge in October.

After encountering a brick wall of resistance for a couple of weeks, with sellers exerting strong pressure to push prices down, $PEPE is now attempting a comeback. The token’s price structure is showing signs of improvement, with a higher low pattern forming above a critical support zone, signaling a shift in sentiment among traders.

$PEPE has managed to stay above the psychologically important $0.00000700 level, showcasing relative stability despite the presence of thin trading volume, which has helped the meme coin consolidate and lay the foundation for a potential upward move.

PEPE’s Chart Hints at 100% Rally Repeat

According to World of Charts, PEPE’s current market behavior closely mirrors its performance in October, where a successful breakout from a similar structure triggered a rally of more than 100%. With a comparable breakout pattern now forming, there are increasing expectations for a similar magnitude of upside.

However, technical indicators are suggesting a bullish setup: the RSI at 44.91 is showing bullish divergence with room to rise further, while the MACD is nearing a bullish crossover, indicating upcoming momentum.

Bollinger Band Width at 34.13% signals low volatility, which is often a technical factor that precedes a breakout, and the ADX at 34.3 confirms a moderately strong trend. The DMI shows a bullish bias with DI at 20.8 above -DI at 10.2, and a 0.95x volume ratio suggests a sustained level of accumulation ahead of a potential move.

The key support level remains intact, acting as a safety net for bulls. If $PEPE can manage to pierce through immediate resistance levels, especially amid this period of low volatility, the current setup could very well propel the meme coin into another leg of its previous explosive run.

As meme coin mania shows no signs of slowing down and traders are on the lookout for promising tokens with high potential for gains, $PEPE’s developing structure might offer another chapter in its unpredictable yet thrilling price journey.

News data source: kdj.com

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