The PEPE price pumped 2.5% today and is now trading around $0.000006882. Holders will likely take this modest surge with open arms considering the broader crypto market is entering the weekend on a sluggish note. Current market cap is around $2.88 billion.
An analyst with over 26,000 followers on X that goes by the name ‘lyx’ posted an interesting PEPE chart.
What you'll learn 👉
PEPE Chart: Breaking the 122-Day Downtrend
PEPE has been trapped in a descending channel since late January, with price action consistently bouncing between parallel bearish trend lines for over four months. The most recent candles show a clean breakout above the upper boundary of this channel, potentially signaling a trend reversal or at least a substantial relief rally.
This breakout is significant as it marks the first time in 122 days that PEPE has broken above its downtrend line on the 4-hour timeframe. The structure resembles a bull flag pattern – a continuation formation that occurs after a strong upward move followed by a downward sloping consolidation period.
First time in 122 days that $PEPE is breaking the bull flag trend line on a 4 hours candles timeframe
— lyx (@DexGemsReal) April 11, 2025
Some may suggest this might be the last chance of buying $PEPE below 3b pic.twitter.com/jXbKqF1b71
While the breakout appears decisive, traders should watch for a potential retest of the breakout zone around $0.0000655-$0.000066. If this area holds as support, it would strengthen the case for bulls taking control of the market.
PEPE Price: Key Support Levels
Since March 20, the PEPE price has been forming higher lows, suggesting a gradual shift in momentum even before this recent breakout. This improving structure, combined with increased volatility near the breakout point (evidenced by longer candle bodies and wicks), provides technical support for the reversal thesis.
If the breakout fails, there are three key support levels to watch:
- $0.0000541: First level of strong support where price previously bounced
- $0.0000490: Mid-range support formed by February and March lows
- $0.0000480-$0.0000449: The critical support zone – a break below would indicate new lows ahead
As noted in the analyst’s tweet, some market participants believe this could be “the last chance of buying PEPE below 3b” market cap. This speaks to the psychology behind such breakouts – early trend reversals combined with relatively low market capitalization can create upside potential if momentum builds.
For traders monitoring this setup, confirmation will be key. A successful retest of the former resistance as support, accompanied by increasing volume, would strengthen the breakout case. The next resistance levels to watch lie around $0.000075-$0.00008, where previous highs were formed.
After four months in a downtrend, PEPE’s technical picture is showing its first signs of reversal. Whether this marks the beginning of a new bull run or just a temporary bounce remains to be seen, but after 122 days of bearish price action, PEPE holders finally have something to be hopeful about.
Read also: Here’s How Pepe Price Could See Its Next 2x Rally
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