Memes have made a significant comeback in the 2024 cryptocurrency market surge, with many of the well-known ones regaining their previous all-time highs (ATH) and some even setting new ones.
In the finest cryptocurrency bull market history, new cryptocurrencies have been making the rounds at the same time and creating quick stories of people going from poverty to wealth; in the worst tradition, however, these cryptocurrencies have caused investors to lose millions of dollars through rug pulls and other frauds.
Star of the late winter cryptocurrency market Pepe (PEPE) looks set to celebrate turning one year old on April 12 with a big move as technical analysis (TA) indicates it is almost done with its consolidation phase.
According to a crypto expert, PEPE might move 50%
Pepe has been trading in a symmetrical triangle, indicating that it is almost ready to break out after spending the greater part of a month primarily moving sideways, albeit with considerable volatility, in the area of roughly $0.000006 and $0.000009.
The symmetrical triangle is a pattern on the chart that suggests an asset is about to make a significant move in either direction and that the consolidation phase is coming to an end.
According to the well-known cryptocurrency analyst Ali Martinez's study, which was published on X, PEPE might move as high as 54% should it begin trading outside of the area between $0.00000793 and $0.00000664.
Pepe might get as high as $0.000010766 in the bullish scenario, when the token trades over the range's upper bound. On the other hand, if PEPE token trades below the lower bound of the range, it may drop as low as $0.000003216, which would be its next target.
Which way is PEPE going to go?
Although it gives a tiny indication of a bullish trend, the technical analysis that was taken from TradingView on April 12 provides little insight into which scenario would come to pass.
Based on 24-hour and 30-day performance, the token's overall rating is "neutral," however a weekly chart analysis indicates a "buy."
The memecoin has risen most of its value over a small window of time between late February and mid-March, with most of its trading outside of that window being sideways, though with noticeably higher volatility in recent weeks.
The monthly chart displays 18.50% of the cryptocurrency in red. As of press time, the price of Pepe is $0.000007, up 0.01% from the previous day's trading.
April 2024, Cryptoniteuae