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Pepe coin price has been in a tight range in the past two weeks, as the previous rally took a breather.
Cryptocurrency analysts are optimistic that the coin could stage another rally, helped by the Reddit Army, which is planning to pump it.
There are rising odds that the Pepe (PEPE) price will see more activity after a popular Reddit channel pointed to a potential pump. According to a post in the Pepecryptocurrency channel, users will purchase Pepe coins on December 3 at noon EST. This is a notable event since the Subreddit has over 18,000 members.
The potential Pepe coin pump is happening as crypto analysts predicted that the coin was ripe for a strong bullish breakout. In an X post, Chandler Bing, a popular crypto expert, noted that the coin had formed a falling wedge and that it would soon stage a strong rally.
Pepe Price Technical Analysis: Extremely Bullish Above $0.00002577
Turning to the daily chart, we see that the Pepe coin jumped to a high of $0.000025 in November and then pulled back to $0.00001728. That lower side was notable because it was the upper side of the cup and handle pattern, which formed between May 2024 and November this year.
A C&H pattern happens when an asset rises to a crucial resistance level, drops gradually, and forms a rounded bottom. It then rises and retests the initial resistance point. It is one of the most popular bullish patterns in the market.
Similarly, a break and retest is a positive sign since it is a popular sign of a continuation. It normally happens when an asset breaks out and then resumes the continuation patterns.
Pepe has also formed what looks like a bullish pennant chart pattern, which is made up of a long vertical line and a symmetrical triangle pattern. It normally results into a strong bullish breakout.
It has also formed an inverse head and shoulders chart pattern, another positive sign. Therefore, there is a likelihood that it will continue rising in the next few days.
A complete bullish breakout will be confirmed if the coin jumps above the year-to-date high. If that happens, it could jump by about 50% as bulls target the key resistance level at $0.000030. On the flip side, a drop below the support at $0.00001728 will invalidate the bullish view.
This article first appeared at crypto.news
