Analyst Anticipates Significant Jump for PEPE Token by 78%
PEPE's Symmetrical Triangle: Analyst Predicts Potential 78% Price Increase
Cryptocurrency PEPE is currently trading at $0.00001135, showing an increase of 4% over the past 24 hours and 7% weekly. The digital asset is forming a symmetrical triangle on its chart, a pattern that often occurs during periods of price compression.
Analyst Ali Martinez has predicted a potential 78% price move for PEPE, although the identity of the analyst is not explicitly mentioned in the available search results. If the triangle is broken upwards, the price of PEPE could reach up to $0.00002837, which is more than 300% from current levels.
Until a breakout or breakdown is confirmed, the market continues to trade within this narrowing range. Daily trading volume for PEPE is close to $958 million, indicating strong market participation.
If the triangle is broken down, the previous support near $0.00000630 could come into perspective. Cumulative long liquidation levels appear more concentrated below $0.0000103, but the exposure tapers off as the price moves lower. Fewer long positions are at risk compared to shorts above current levels, which suggests an upside breakout above resistance carries greater potential to trigger liquidations and add momentum to buying pressure.
If the price pushes into the range of $0.0000119 to $0.0000128, many short positions could be forced to close, creating conditions for a short squeeze. Heavy clusters of leveraged short positions are found between $0.0000119 and $0.0000128.
If the resistance of the symmetrical triangle is broken, the momentum could increase towards the $0.00001800-$0.00002000 range. Moreover, if confirmed, a repeat wedge setup could signal a possible 300% rally, similar to the price action in late 2024.
CoinGlass provides data on the trading of PEPE, and the most recent level of PEPE is $0.00001087, which is close to the triangle's apex. A short squeeze breakout is possible due to the heavy short exposure between $0.0000119 and $0.0000128.
In conclusion, PEPE is currently experiencing a period of price compression and is forming a symmetrical triangle on its chart. Analyst Ali Martinez has predicted a potential 78% price increase if the triangle is broken upwards, with the price potentially reaching $0.00002837. The market will continue to trade within the narrowing range until a breakout or breakdown is confirmed.
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