Pepe coin (PEPE) breaks out from symmetrical triangle pattern, setting the stage for a potential price rally

Pepe coin (PEPE) has broken out from a multi-week symmetrical triangle pattern, marking what many analysts believe could be the beginning of a major price rally.

Pepe coin (PEPE) has broken out of a multi-week symmetrical triangle pattern, marking what many analysts believe could be the beginning of a major price rally. This Ethereum-based meme coin is showing strong technical signals even as one of its largest holders, reportedly Robinhood, sold off a substantial position.

The popular meme coin is currently changing hands at approximately $0.000014, indicating an 8% surge in value over the last 24 hours.

In other developments, one of PEPE’s largest institutional backers has reportedly liquidated a significant portion of their holdings. According to crypto analytics firm Glassnode, a substantial sell order for PEPE was spotted on major exchanges, indicating a large trader sold a position of 100 billion PEPE tokens.

The sell order was executed at an average price of $0.000014, which translates to a total sell-off value of approximately $14 million.

The sold position constitutes around 3.67% of the total PEPE supply, and at the time of sale, the holding was estimated to be worth $209.9 million. However, shortly after the sell order was completed, the exchange quickly sold another small position.

What’s particularly interesting about this development is that PEPE has managed to maintain its price levels despite the large sell-off. Typically, when major holders liquidate positions of this size, we would expect to see some level of buyback as the selling pressure lessens. However, that hasn’t happened in this case.

Despite the large sell order and the exchange quickly selling another small position shortly after, there was no significant price impact observed. This resilience might be attributed to the strong technical outlook and the potential for a 12.24% rally.

Technical analysis from multiple sources points to a bullish outlook for PEPE. On the 4-hour chart, the coin has been trading within a symmetrical triangle pattern with converging support and resistance levels. As the price breaks out of this pattern, it could signal a continuation of the recent rally.

According to technical analysis, a breakout from the symmetrical triangle pattern could propel PEPE by 12.24% from the breakout point. This would place the coin at an optimistic price target of $0.00001541 in the short term.

If we zoom out to the daily timeframe, we can spot the emergence of a cup-and-handle pattern in the formation of PEPE’s chart. This pattern is widely recognized as a bullish indicator, suggesting a potential reversal of the downtrend.

For this pattern to be completely validated, the price needs to break through the crucial resistance level at $0.00001483, which is the neckline of the cup-and-handle pattern.

If PEPE successfully breaks this resistance, analysts suggest it could rally by as much as 91%, potentially reaching the price level of $0.00002836. This price point was last seen in December 2024.

Key oscillator indicators are also confirming the bullish thesis. According to TradingView data, the Momentum (10) and MACD Level (12, 26) are now showing buy signals on the daily chart.

For traders entering positions, two key resistance levels to watch are $0.00001477 and $0.0000178. Should PEPE flip these levels to support, there’s a high probability it could form 10%-20% daily candles toward a new all-time high.

Some analysts, like Solberg Invest, are even more optimistic in their forecasts and project that PEPE could reach $0.000025, potentially as soon as the second quarter of this year.

In the derivatives market, the OI-weighted funding rate stands at 0.0127%, which is still in positive territory. This indicates that the bulk of the large positions are sold at a premium, suggesting the presence of bullish sentiment among traders.

The spot market is also showing renewed buying interest, with approximately $335,000 worth of PEPE purchased recently, on an installment plan, from a major exchange. This large-size buy order signals significant buying pressure.

Experts are positioning PEPE as an excellent beta bet on Bitcoin and Ethereum, especially for investors seeking to make larger allocations within the meme coin market.

With Bitcoin recently breaching the $107,000 level and Ethereum pushing past $2,550, the outlook for ETH-based tokens like PEPE appears favorable.

The current price action comes as Bitcoin shows strong correlation with the Global M2 money supply, with projections suggesting BTC could reach $140,000 to $160,000 this year, while Ethereum could rally to $4,