PEPE Market Cap Crosses $10B: Flag Breakout Targets $0.00003

With a flag breakout, will the PEPE price rally push beyond $0.000030 to reach a new all-time high？

Despite the supply pressure facing top meme coins as Bitcoin struggles below $100k, PEPE is swimming against the tide. With a 3.73% surge in the past 24 hours, PEPE has crossed a market cap of $10 billion.

PEPE is trading at $0.0000254, showing a nearly 27% increase over the past week. Will this bullish trend for the frog-themed meme coin continue into this week？ Lets find out.

PEPE Price Analysis

With a channel breakout in the 4-hour chart, PEPE has registered a new all-time high at $0.000027525. However, the increased supply at the uncharted levels has resulted in a pullback.

At present, PEPE has posted its fourth consecutive red candle on the 4-hour chart, with a nearly 8% pullback from its all-time high. Nonetheless, the channel breakout completes the bullish flag pattern and signals the breakout of an inverted head-and-shoulders pattern.

Hence, the ongoing consolidation and a potential pullback to the broken resistance trendline could provide the post-retest bounce reversal chances. Using the trend-based Fibonacci levels, the higher price rejection comes from the 38.20% level at $0.000026071.

As the pullback intensifies, the immediate support stands at the 23.60% Fibonacci level at $0.00002298. This crucial support aligns with the broken trend line of the bullish flag.

Hence, a potential dip will likely trigger a buy-the-dip scenario in the PEPE coin.

Trader Books $3.22M Profit in PEPE

Amid the new all-time high creation and the market cap crossing the $10 billion mark, a smart trader cashed out on PEPE. After a deposit of 121.75 billion PEPE tokens on Binance, the trader is believed to have secured a profit of $2.13 million. This marks a massive 197% return in just 2.5 months.

This profit represents the traders second win in PEPE, following an earlier trade in May, where they made a profit of $1.23 million, a 75.5% return.

Will PEPE Surpass $0.000030？

Due to the pullback, the 4-hour RSI line has dropped from the overbought territory and is now approaching the halfway line. Moreover, the MACD and signal lines have closed their bullish gap, showing signs of a bearish crossover. As a result, momentum indicators suggest bullish exhaustion, which could lead to a significant pullback.

However, with the broader market recovery, PEPE could bounce back and present a post-retest reversal, potentially pushing to a new all-time high. Using Fibonacci levels, upside price targets are at the 50% and 61.80% Fibonacci levels, which are priced at $0.000030 and $0.00003492, respectively.

If the price closes below the 23.60% Fibonacci level, PEPEs price could potentially test $0.000017755. As a result, the downside risk for the meme coin is roughly 30%.