Rally expectations have formed for Pepe (PEPE), which has formed an ascending triangle formation on the price chart.

It is claimed that the frog-themed memecoin, launched on the Ethereum blockchain, will reach an all-time high (ATH).

"Both whales and individual investors are accumulating PEPE and expecting a rise," said AMBCrypto, claiming that PEPE could rise to $0.00001725.

The bells are ringing for Pepe (PEPE)

PEPE, which recorded a 16.11% increase on the weekly chart, signaled a rise. If PEPE breaks out of the current rising triangle formation, it could set a new record.

According to the analysis, price levels that function as resistance and support areas have formed a symmetrical triangle. PEPE, which recently gained strength from the support level of 0.00000701 dollars, reached the upper resistance of the triangle formation at 0.00000876 dollars. The mentioned resistance point is aligned with a potential trend resistance.

As the symmetrical triangle formation, which indicates a potential rise, approaches the threshold of the breakout, selling pressure has also decreased. The analysis interpreted the formation as follows;

"There needs to be a breakthrough above the upper resistance line. Successfully surpassing this level could elevate the memecoin to the highest level of 0.00001725 dollars in 2024 or to a medium-level target of 0.00001307 dollars."

The analysis stating that if the mentioned resistance cannot be broken, PEPE will start to fall, argued that the support at the level of $0.00000701 is important.

In the analysis examining the Relative Strength Index (RSI), it was stated that the data will support the rally. The analysis touched upon the following;

"Currently, RSI is exhibiting an upward trend with a value of 56.75, indicating that the price will follow this trend. The upward trend in RSI generally precedes the potential increase in the asset's price."

This article does not contain any investment advice or recommendation. Every investment and trading involves risks, and readers should conduct their own research when making decisions.