Peter Smith
Meme coin PEPE is showing strong bullish momentum after breaking through a critical resistance level. The token has pushed above $0.00001060, a key equal highs level that previously capped rallies, and is now approaching $0.00001150. With technical indicators turning positive, the question becomes whether this breakout signals the start of a sustained upward move.
PEPE Breaks Resistance
PEPE's decisive move above $0.00001060 represents a significant shift in market dynamics. Famous analyst BlockchainBaller noted this breakout has effectively transformed the former resistance into short-term support.
Price action is now consolidating just below the $0.00001150 zone, and a strong close above this level could unlock additional upside potential.
Chart Analysis: Momentum Building
The technical picture reveals several encouraging developments. The breakout above $0.00001060 has flipped resistance into support, creating a foundation for further gains. Bulls are targeting $0.00001150 as the next key level, which may serve as the final barrier before a more substantial rally unfolds.
The RSI indicator is trending higher, confirming that momentum has shifted in favor of buyers. Should any pullback occur, initial support appears around $0.00001000, with secondary support at $0.00000950. This technical structure suggests PEPE could extend gains if trading volume remains healthy.
Market Drivers
Several factors are contributing to the positive sentiment surrounding PEPE. Renewed interest in meme coins reflects investors' appetite for higher-risk opportunities in the current market environment. The relative stability of Bitcoin and Ethereum has also encouraged capital rotation into altcoins like PEPE.
Additionally, on-chain data suggests whale wallets have been accumulating during recent consolidation phases, providing underlying support for the current price action. These accumulation patterns often precede significant price movements in smaller-cap tokens.
Peter Smith
