TA suggests PEPEUSDT , the meme-coin based on the most recognizable meme in the world, ‘Pepe the Frog’ looks primed for a potentially massive rally as we head towards Christmas.
This bullish outlook stems from the formation of two solid patterns that have often precede upward price movements. First, a cup and handle formation:
The second pattern is a falling wedge pattern which incidentally makes up part of the cup’s handle.
The falling wedge pattern has been developing over the past few weeks, with prices steadily compressing within the converging trendlines. This consolidation suggests that sellers are losing momentum, while buyers are accumulating the asset at lower levels.
The key catalyst for the anticipated rally in PEPEUSDT is a technical breakout from the falling wedge pattern. If the price decisively breaks above the upper trendline, it’ll signal a renewed buying momentum and a potential shift in market sentiment.
Once a breakout occurs, PEPE is likely to experience a significant upward move. For me, the first major profit target would be a retest of the local resistance around the 0.0000018 level. Beyond this, the coin could potentially attempt to reach its previous all-time high and even establish a new ATH.
Lastly when it comes to sentiment, for this rally to succeed, I believe it is important for at least one of the two crypto market leaders, BTCUSDT to not only remain above $38k but at least break above 40k or for
ETHUSD to break above $2200 this December, even it is only for a moment.
Investors who have been eyeing PEPEUSDT should closely monitor the price action near the upper trendline of the falling wedge pattern. A breakout above this trendline could present an opportune entry point to capitalize on the anticipated rally.
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