- PEPE breaks out of a long-term downtrend with strong volume and now targets a potential 88% upside toward $0.00002649.
- The breakout above key resistance confirms bullish momentum as PEPE trades well above its previous consolidation base.
- PEPE eyes higher levels as it sustains upward momentum with increasing volume and community support driving sentiment.
As per Javon Marks, PEPE has reclaimed bullish momentum after breaking a long-standing downtrend on its 12-hour logarithmic analysis. The meme coin, now trading at $0.00001314, has shown a 4.77% increase from previous levels. This breakout has sparked renewed optimism, as the price targets a return to $0.00002649—an upside of nearly 88.8%. Traders see this as a reversal from months of bearish pressure.
Besides, the rally follows a crucial breakout above a dominant descending trendline. This resistance capped gains for months, forming rejection points marked by three visible peaks. PEPE formed key highs around $0.00002200 to $0.00002800 in late 2023. These peaks were followed by a steady downtrend that led to early 2024 lows near $0.00000600.
Strong Recovery After Accumulation Phase
PEPE’s consolidation phase in February and March 2024 laid the groundwork for this recovery. The price built a reliable base, setting the stage for April’s upward breakout. Moreover, the breakout happened with strong volume and bullish candle patterns. This confirmed the end of the downtrend and shifted market sentiment.
Source: Javon Marks
Consequently, the breakout now serves as support. The current price remains firmly above the broken trendline. This technical behavior affirms the strength of the move and adds credibility to bullish forecasts. However, traders are watching closely as PEPE approaches a key resistance at $0.00002466. A move past this level could open the door to even higher targets.
Targeting $0.00002649 With Upward Momentum
Additionally, the overall data shows a clear path toward $0.00002649. This target sits well within the range of PEPE’s previous highs. With volume increasing and momentum sustained, reaching this level appears realistic. Besides, sentiment surrounding meme coins like PEPE remains strong, especially with its community-driven appeal.
The analysis also includes a cartoon frog character, reinforcing PEPE’s meme status. However, the technical setup tells a story of structure and potential, not just hype. The precision of the trendline break and volume confirmation adds confidence to the current trend.
