Is PEPE Coin About to Explode? Breaks Out of Falling Wedge and Sets Sights on $0.00001600!
Jakarta, Pintu News – After weeks of up and down price movements, the PEPE meme coin is showing technical strength again.
Based on a recent chart shared by a crypto analyst on social media, the price of Pepe has just broken out of a falling wedge pattern. This seems to be a potential bullish breakout that could pave the way for a new short-term rally.
PEPE Breaks Falling Wedge Pattern in the Short Term
As seen in the chart, the PEPE meme coin has broken the upper boundary of the falling wedge pattern formed since the mid-May correction. This pattern has held PEPE’ s lower highs and lower lows for almost seven weeks.
Read also: These 2 Meme Coins Are Exploding — Don’t Miss What’s Happening This Week!
The breakout that occurred in early July may provide an opportunity to retest the $0.00001600 level, which was the price peak in mid-May.
The analyst mentioned that if the price movement stays above the wedge pattern and there is a continuation of the rise, the target could be reached in the near future.
This short-term optimism towards the PEPE crypto is also in line with the statements of other analysts, who said that the current level is crucial, and if it is successfully broken further, then the targets of $0.000016 and $0.000019 can be achieved.
In addition, the short-term positive sentiment towards the PEPE meme coin is also supported by derivatives data. Open interest currently stands at $559.75 million, up 19.37% compared to the previous session.
The last 24-hour long/short ratio stood at 1.0263, and large short positions were liquidated amounting to $3.13 million compared to longs worth $269.49 thousand.
The past few days have seen more shorts liquidating than longs, which reinforces the current short-term bullish signal.
Long-Term Trend Reversal Still Ongoing
Beyond the current pattern breakout, analysts also highlighted the second quarter rally as a form of breakout from the long-term downtrend line that has been in place since late 2023.
Read also: Dogecoin Sees Modest Uptick Today — But Analysts Say a 200% Surge Could Be Just Around the Corner!
The structure of the previous breakout resembles a broader wedge formation, indicating that the current price movement is part of a much larger bullish shift.
Despite strong selling pressure in mid-May, PEPE never fell below the April low, signaling strong defense on the part of the bulls.
If the token is able to close above the $0.00001600 level with strong daily candle confirmation, this will further strengthen the validation of the breakout and open up opportunities towards the fourth quarter (Q4) 2024 price peak around $0.00002800.
In addition, the price increase in early July seems to be crucial to the long-term uptrend, as the number of transactions moving more than $1 million and the $100K metric have been decreasing since mid-May along with the PEPE price.
If there is a spike back in these metrics, it could be an additional driver for PEPE price increases in the long term.
That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.
Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now. Get a web trading experience with advanced trading tools such as pro charting, various types of order types, and portfolio tracker only at Pintu Pro. Pintu Pro Futures is also available, where you can buy bitcoin leverage, trade btc futures, eth futures and sol futures easily from your desktop!
*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Coinpedia. PEPE Price Targets $0.00001600 After Breaking Falling Wedge. Accessed on July 4, 2025
