PEPE Could Witness 54% Growth After Symmetrical Triangle Pattern, Analyst Suggests

The cryptocurrency market remains attentive to recent analysis of PEPE, a memecoin that has displayed an intriguing symmetrical triangle pattern on its daily chart. This pattern, as explained by Ali, a prominent analyst at X, points to a potential appreciation of 54%.

Ali described how the lines of the symmetrical triangle, connecting consecutive highs and lows, converge with an opposite and equal slope, revealing a period of price consolidation between these two boundaries. This type of formation is crucial in the context of technical analysis, serving as an indication that a price break is imminent, either upwards, indicating an upward trend, or downwards, suggesting a possible decline.

As the price approaches the apex of the triangle, the expectation of a breakout intensifies. “Be aware of a daily close outside the range of US$0.00000793 – US$0.00000664, which could lead to a 54% movement for PEPE”, warns Ali. This type of movement in the crypto market does not It only captures the attention of traders and investors, but it also signals volatility and opportunities within the memecoin niche.

$PEPE is preparing for its next move. Watch out for a daily close outside of the $0.00000793 – $0.00000664 range, which could lead to a 54% move for #PEPE. pic.twitter.com/b2hdMOmBpX

— Ali (@ali_charts) April 12, 2024

The symmetrical triangle is not the only pattern observed in technical analysis, but it is particularly notable due to its convergence characteristic and the balance of forces between buyers and sellers, reflected in the sideways stagnation of prices before the breakout.

At the time of analysis, PEPE was trading at around $0.0000055650, marking a 16% drop.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.