By CoinGape

Pepe price forecast: After rising to a new all-time high of $0.00001717 on May 27, the frog-themed meme coin is back on the move. It has in the last 24 hours, sustained a modest 2.7% increase to exchange at $0.00001475 toward the end of the European session on Thursday. Based on CoinGecko data, PEPE is climbing quickly to reclaim the all-time high as support while bulls look toward a breakout to $0.00002.

Pepe Coin Forecast: Why Is PEPE Pumping

Meme coins in both the Ethereum and Solana ecosystems have been making significant headways—some outperforming Bitcoin and major altcoins. After Pepe reached a new all-time high in May, Floki advanced to a new record high this week.

Newly launched meme coins have also been part and parcel of the bullish party. For instance, Notcoin (NOT), a token that gained popularity on Telegram soared to $0.02886 before correcting to $0.02152. The viral tap-to-earn token gained over 300% in 14 days in addition to a 77% move in seven days based on the current price data on CoinGecko.

Similarly, GameStop (GME) a meme coin paying homage to the popular meme stock GameStop Corp (GME) continues with the rally for the second week in a row.

The meme coin pumped in tandem with the stock, which aims to redistribute wealth, beating Wall Street giants. The developers of GME crypto believe ordinary investors also deserve to make life-changing money.

Whales have been the biggest drivers of the meme coins’ rally seeing that they move billions of tokens. Unfortunately, whales also significantly contribute to volatility in the market and can trigger major losses affecting smaller holders the most.

Pepe Bulls Eye Triangle Breakout

The four-hour chart reveals an ascending triangle pattern, which if validated can lead to a 15% move in the price of Pepe. This triangle has been forming as the token consolidate in the wake of the rally to the record high.

Pepe price forecast chart | TradingviewPepe price forecast chart | Tradingview
Pepe price forecast chart | Tradingview

An ascending trend line affirms the strengthening bullish grip while the horizontal line or x-axis represents the resistance. Bulls have tried to break through this hurdle with no success.

Nonetheless, the triangle is still valid as long as the price is within its boundaries. Traders would be ready with buy orders slightly above the x-axis. Such a breakout should be accompanied by high volume. The 15% move will propel PEPE price to $0.0000178 and possibly create FOMO among investors wishing to jump onto the trend. This triangle can be the beginning of a larger rally above $0.00002.

Conversely, immense selling pressure could engulf Pepe if the ascending trend line weakens, paving the way to a breakdown. Two levels; $0.000014 and $0.000013 will come in handy and may stop the fall but traders cannot rule out an extended move to $0.00001 just yet.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: CoinGape