Will PEPE be able to achieve a 50% breakout in the near future?

After recording a 17% increase over the past week, PEPE – the third largest meme coin in the market – is currently drawing strong attention from investors. On June 30th, PEPE continued to rise by another 7%, breaking away from a prolonged downtrend. Is this breakout a signal for a sustainable bullish trend? The answer is not simple.

Is PEPE about to breakout?

The strong growth of PEPE in recent times has led many to predict that this coin will continue to record impressive gains. However, even if the price rises sharply, it cannot be denied that the price movements remain quite erratic, and this is not the first time PEPE has experienced sudden bullish rallies but lacks long-term stability. Therefore, we cannot hastily assert that this is a certain growth trend.

Currently, PEPE is trading at around $0.0000094, and in the past few days, not only has the value increased, but even the trading volume has surged. In fact, the trading volume has increased by 135% in a week, which is a clear sign that buying momentum is increasing.

PEPE is currently showing positive signs on the technical chart. This coin has just escaped from a descending wedge, a pattern quite common in technical analysis, often regarded as a potential breakout signal. Notably, the price has closed above a candle on the trend line of this wedge, which many traders see as a strong indication for the confirmation of the bullish move.

This memecoin currently needs to reclaim the important support level of $0.0000099 – acting as a "pressure valve" that could help stabilize the price. If it can maintain this support level, PEPE could continue to rise to $0.0000154, equivalent to an increase of more than 50% from the current price.

Source: TradingViewThe RSI indicator is currently at 42.5 — a level that is neither too high nor too low, meaning PEPE is in a neutral zone. This indicates that PEPE's next move could go in either direction, and the following developments will depend on trading volume as well as investor sentiment.

The momentum of PEPE is not only reflected through technical indicators on the chart but also draws strong attention from the analytical community. Recently, a famous trader claimed that the current trajectory of PEPE is preparing for a strong bullish phase. In fact, another investor on platform X made a bold prediction that PEPE will grow up to 13,000% in the "coming days." Although this may be an overly optimistic and somewhat fanciful prediction, it cannot be denied that interest in PEPE is increasing day by day. Posts about this prediction have attracted significant attention from the community, indicating that many investors are closely monitoring the volatility of PEPE with special interest.

Another indicator of PEPE's bullish potential is the outflow of funds from exchanges. According to data from Coinglass, approximately 5.6 million USD worth of PEPE has recently left trading platforms. This is a notable figure, as when coins move off exchanges, it often means that investors do not intend to sell but instead want to hold and accumulate.

Source: CoinglassThe strong outflow of funds could create bullish pressure on PEPE, especially if the supply on exchanges continues to dwindle. This could create a significant momentum for the price of PEPE in the near future.

In general, although PEPE is showing positive signs technically and drawing attention from the investment community, this does not mean that this coin has certainly secured a sustainable bullish trend. While factors such as technical patterns, growth predictions from analysts, and capital outflows from exchanges all support the potential for the price of PEPE to continue rising, investors need to be wary of market volatility and always be prepared for unforeseen fluctuations.

Can PEPE maintain its growth momentum and move towards higher price levels, or is it just a short-term bullish wave? Time will tell.

Lilly