PEPE coin price has confirmed a breakout after a few weeks of consolidation in a descending trendline. The meme coin price trend has changed to the side of buyers, and technical analysts reported bullish patterns at various time frames.
The anticipated breakout might head to the $0.00001700 target.
PEPE Coin Price Breakout Confirmed on Both 12H and Daily Timeframes
Notably, PEPE coin price broke a descending trendline on the 12-hour chart and daily charts. The trendline has been resisting the meme coin since June, and the beginning of July has finally broken with a strong bullish candle.
On the 12-hour chart, PEPE price had been in consolidation just beneath the trendline, with a formation of increasing lows. Such a compression phase was a sign of bullish power within the market, with sellers losing.
The breakout created an opportunity for a long run and action upwards, but a confirmation may be essential for further price stability and volume protection.
Higher Lows and Compression Support Bullish Bias
A crypto analyst identified an ascending triangle, a bullish breakout pattern. PEPE price made higher bottoms in successive weeks as the meme coin tried the same resistance point, and generated the effect of compression. This formation can develop a lot of momentum closer to the apex of the triangle.
Furthermore, the breakout in this setup was done on moderate volume, and the PEPE coin price broke the trendline, then sustained gains above $0.00001100.
The higher lows suggested that there was continued accumulation in the downtrend as buyers got involved.
This pattern was inclined to trend continuation in the event that the breakout is maintained during the following sessions.
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Resistance Reversal at $0.00001123 Opens New Targets
More so, technical analyst İnanç Salman shared a daily chart showing the breakout of the descending trendline and identified a target zone near $0.00001700. The projection is based on prior price reactions and supply areas that were formed in May.
As of writing, PEPE coin price was trading near $0.00001123, a level that previously acted as short-term resistance. The ability to flip this level into support would be crucial for bulls aiming to extend the rally. Analysts are now watching for price acceptance above this threshold before mapping further targets.
Should it maintain its momentum, the next target zone is between $0.00001700 and $0.00002000. This zone coincides with the old supply zones of mid-May, where the recent rally met resistance.
Additionally, a major catalyst toward these higher prices may be sustained volume and stability above the $0.00001100 mark.
Further supporting a bullish breakout, recent analysis showed PEPE reclaiming the Ichimoku Cloud on the weekly chart. This indicator previously marked the start of a strong rally in late 2023.
In combination with RSI crossing the 50 mark and a flattened MACD, the existing technical formation indicates decreased bearish influence and growing odds of bullish strengthening.
PEPE Derivatives Surge as Bulls Gain Market Control
Meanwhile, PEPE derivatives volume increased 51.03 percent to 3.22 billion, whereas open interest grew by 11% to $602.74 million, signifying high market engagement.
The Binance long/short ratio was 1.0488 (24-hour), whereas OKX was more optimistic by 1.53. This was an indication of increased interest by traders as PEPE broke resistance levels.
Additionally, liquidation data showed shorts absorbed greater losses over 24 hours, with $2.51 million liquidated compared to $482.65K on the long side. The 12-hour chart showed balanced pressure, $142.81K in long liquidations and $126.53K in shorts.
Rising volume and positioning shifts suggested bullish traders were increasingly confident in short-term upward momentum.
