Pepe Coin Price is Poised for a Breakout to $0.000027 as a Double Bottom Pattern Emerged

Pepe Coin price is poised for a breakout to $0.000027 as a double bottom pattern emerged on the weekly chart. This looming breakout coincides with two whales opening long positions valued at more than $3 million, suggesting optimism of further gains.

Pepe Coin price has formed a double-bottom pattern, which often signals a trend reversal. This chart pattern emerges as the price finds support at a specific level for the second time.

In the case of PEPE, it has bounced back from the oversold zone between $0.000054 and $0.000062 twice, which is a classic double-bottom pattern. This pattern usually occurs when the trend is about to change from bearish to bullish.

This suggests that the Pepe Coin price rally that began in April, with gains of over 1,000%, may continue in the coming weeks. For the uptrend to continue and break out above $0.000027, bulls must overcome the resistance between $0.000014 and $0.00016.

For the past three weeks, PEPE has been moving in a clear consolidation, failing to break above this resistance despite several attempts. However, the MFI indicator shows that this top meme coin may break out soon.

This metric is sloping north after making a series of higher highs for the last two months, which indicates increasing buying pressure and confirms that the trend remains bullish. At the same time, the AO histogram bars, though still below the zero line, are getting smaller, showing that the bearish momentum is weakening.

If buying pressure continues to rise and the AO bars cross above the zero line, it will confirm the breakout of the Bollinger Bands and the Fib level 0.382, setting the stage for the next rally towards $0.000027.

The above prediction will be invalid if the AO bars fail to flip positive and instead, get longer in the negative zone. This will indicate that the bearish momentum is gaining strength, preventing significant gains. Instead, if the lower Bollinger Band is broken, it may trigger further drops.

Two whales have just opened long positions in the past two days, with 10x leverage on Hyperliquid. These positions are valued at more than $3 million, which is a considerable investment.

When whales take long positions, it usually signals optimism that the price will continue to rise. In most cases, whales open long positions shortly before a rally ensues.

If history repeats itself, the newly opened positions suggest that an upward move to $0.27 is likely to occur. However, if the uptrend weakens and the price drops to liquidate these positions, it may trigger a surge in sell-side pressure, leading to further dips.

According to CoinMarketCap, Pepe Coin trades at $0.141 at press time, showing a slight increase of 0.7%. In the past 24 hours, PEPE experienced a low of $0.134 and a high of $0.148.

The trading volume has decreased by 21% in the past hour and has experienced a decrease of 16% in the last 24 hours.

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