With the Bitcoin price recovery dragging the rest of the crypto market with it, the PEPE price has been able to sustain its gains from last week. The meme coin has been one of the best performers over the last week and has carried on into the new week. Following this immense show of strength, one crypto analyst has predicted a meteoric rise for the PEPE price that would see it rise toward May highs.
Bullish Reversal Pattern Appears
Pseudonymous crypto analyst FieryTrading has presented one of the most bullish cases for the PEPE price in recent history. The chart mapped out by the analyst shows a meteoric rise for the meme coin that goes as high as triple digits.
In the analysis, FieryTrading points to a falling wedge pattern that has been forming for the cryptocurrency over the last few months. Now, historically, when falling wedge patterns have emerged for an asset, it has often resulted in a massive recovery, and the analyst believes this time is no different.
This pattern sees the price trade in a descending tight range before breaking out and it is this break that marks the beginning of a bull rally. As FieryTrading points out, “A break out from this pattern might be the signal that bulls are waiting for in order to step back into PEPE.”
PEPE primed for 400% rally | Source: Tradingview.com
There is no timeline given for when they believe that this would happen for the meme coin. However, the analyst explains that the trade is more of a great short-term, albeit one “with a high potential pay-off.”
Sustaining The PEPE Price Surge
Before the current crypto market rally, the PEPE price had already begun to rally. It began late last week when the meme coin rose over 16%. This rise in price was accompanied by a surge in the social discussions around PEPE, suggesting that the token would continue to sustain its rise.
Fast forward to the new week and the PEPE price has done exactly that; it’s up over 4% on the daily chart alone, and its weekly gains have climbed to almost 19%. As highlighted in a NewsBTC report, the rise in social discussions points to rising interest among investors and could translate to more buying pressure.
As this buying pressure mounts, a break out of the falling wedge pattern becomes more likely. In this case, FieryTrading’s begins to see more credibility and if the forecast plays out, then the PEPE price could be looking at an over 400% rise to arrive at $0.0000035.
PEPE continues winning streak from last week | Source: PEPEUSD on Tradingview.com
Featured image from Magic Eden, chart from Tradingview.com