Pepe Coin Price Predicted to Surge Following Reddit Pump and Bullish Chart Patterns

The Pepe coin price has been trading within a tight range over the past two weeks, following a brief rally. However, cryptocurrency analysts are optimistic that the coin is poised for another rally, driven by a planned pump by the Reddit Army.

A popular Reddit channel with over 18,000 members has announced plans to purchase Pepe coins on December 3 at noon EST, which could lead to increased activity and a potential price surge.

Technical Analysis Points to a Bullish Breakout

According to crypto expert Chandler Bing, the Pepe coin has formed a falling wedge pattern, indicating a strong rally is imminent. The coin’s daily chart shows a jump to a high of $0.000025 in November, followed by a pullback to $0.00001728, which is the upper side of the cup and handle pattern.

A cup and handle (C&H) pattern is a popular bullish indicator, characterized by an asset rising to a crucial resistance level, dropping gradually, and forming a rounded bottom before rising and retesting the initial resistance point.

Bullish Pennant and Inverse Head and Shoulders Patterns

The Pepe coin has also formed a bullish pennant chart pattern, consisting of a long vertical line and a symmetrical triangle pattern, which typically results in a strong bullish breakout. Additionally, the coin has formed an inverse head and shoulders chart pattern, another positive sign indicating a continuation of the upward trend.

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.

Key Levels to Watch

Traders should keep an eye on the following key levels:
• Resistance: $0.00002577
• Support: $0.00001728
• Target: $0.000030 (in the event of a bullish breakout)

A drop below the support at $0.00001728 will invalidate the bullish view. Stay up-to-date with the latest cryptocurrency news and trends on Global Crypto News.

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