PEPE Price Sees Breakout And Retest: Could It Gain 60% in 2024

Pepe (PEPE) crypto has witnessed slow and steady growth over a wider time frame. Since June, the PEPE price has declined due to resistance from a descending trendline.

Additionally, the price triggered a breakout from the trendline, and a retest was observed. During the retest, it smashed the key moving averages.

After the retest, the momentum has slowed, holding over the 20-day exponential moving average (EMA). It needs substantial volume to trigger a bullish momentum for a more extended period. Let’s see how the PEPE crypto price performs after the breakout.

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Could PEPE Price Trigger Another Breakout?

Crypto Bulls God (@CryptoBullGod) is optimistic about the PEPE price. He holds the belief that the PEPE coin might be beneficial for the future.

Bravo to anyone currently holding $PEPE

This thing is primed to blow a gasket (i.e. #NGU)#PEPE pic.twitter.com/aDb7Ux1Ah6

— Crypto ₿ULL God, FSA, MAAA (@CryptoBullGod) October 19, 2024

He claimed that the price action might repeat history as it has formed another symmetrical triangle pattern weekly. If it triggers a breakout, another bullish momentum can be seen.

Technical Analysis of PEPE Price Over 1-D Timeframe

Pepe crypto was trading at $0.0000103, which has dropped by 2.37% over the past 24 hours. The market capitalization was $4.36 Billion, and the 24-hour trading volume was $488.77 Million.

The bearish trend halted in August, and the momentum slowly shifted toward the buyers’ hands. Since August, the price has been continuously pushed down by the downside. Moreover, the price has departed from the 200-day EMA.

If the digital asset price surpasses the last swing high, it could generate a bullish signal. Suppose the PEPE coin price manages to sustain over the $0.0000130 hurdle; strong buying momentum can be seen. If the trading volume remains strong, the price has the potential to gain 60% in the next few months.

On the other hand, if the PEPE price doesn’t gain momentum, sellers could dominate soon. Suppose the crypto price starts trading below the 200-day EMA; sellers may dominate further. Conversely, If the price loses the $0.00000650 mark, it could be difficult for buyers to bounce back.

Based on the technical indicators, the PEPE price has surpassed the key moving averages, which could be bullish. RSI is holding over the RSI-based moving averages, which could trigger a bullish momentum.

PEPE Price Prediction Based on Technical Chart

Based on the technical analysis of PEPE price over the 1-day timeframe, the bullish momentum seems to be gaining strength. The recent breakout, retest, and the overcoming of key moving averages indicate the potential for a bullish trend.

Assuming the price is sustained by the $0.0000130 hurdle, the trading volume remains strong. There is a possibility of a 60% gain in the next few months.

On the flip side, it’s essential to monitor the price closely. The PEPE price may start trading below the 200-day EMA and lose the $0.00000650 mark. It could indicate a shift in momentum toward the sellers.

Overall, the technical indicators are currently pointing towards a bullish trend. However, it’s important to stay informed about any changes in the market conditions.

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