PEPE Coin, like the rest of the meme coin market, has struggled recently as the Bitcoin price retraced from its all-time high levels. This has put a strain on the market since the likes of Dogecoin have been unable to put in any notable gains during this time. However, with the month of June moving into full swing, there seems to be a turn in the tide, and meme coins are looking to ride out this wave.
Analyst Calls Out Bullish PEPE Formation
Crypto analyst Crypto Patel on the X (formerly Twitter) platform has called out PEPE as one of the coins that is showing bullish tendencies right now. This stems from the fact that the meme coin continues to hold strong even in the face of bearish pressure, and what’s more is that it has been able to maintain major support during this time.
As the crypto analyst explains, the PEPE price is still holding above trendline support at $0.0000091 to $0.0000112. This not only serves as major support but is also an accumulation zone for the meme coin. Thus, a continuous hold at this level suggests that bulls are still in control of the altcoin’s price.
Since the PEPE price has already seen a small breakout above the $0.000012 level, it suggests that accumulation is ending and a breakout retest is being staged right now. If this breakout retest is successful, then the next stop for the meme coin would be a full-on rally that could take it toward new all-time highs.
Currently, PEPE is sitting approximately 56% below its $0.00002825 all-time high reached in December 2024. However, this might not be the case for long, as the crypto analyst says the first target in a breakout is the $0.000025 level. This puts the meme coin a mere 20% away from a new all-time high when reached. Then further targets are placed at $0.000035, and then $0.000055, which would be a full-on 500% rally from current levels if this target is reached.
Can It Outperform Dogecoin?
After moving into the limelight, PEPE has been fondly referred to as the next Dogecoin due to its ability to stage massive rallies akin to Dogecoin back in 2021. Given its lower market cap as well, the former has been expected to outperform the latter as the market winds back into bullish territory.
However, this does not mean that there are no gains to be had with Dogecoin, according to crypto analysts. One analyst, Coin Mastermind, has revealed an important formation in the Dogecoin price chart that could trigger a rally, and this is the round bottom support line.
The round bottom support line has appeared on the monthly Dogecoin price chart, suggesting that the meme coin is at a pivotal level. From here, a bounce to reclaim a strong hold above $0.2 could stir a major rally. But a rejection back down below $0.18 could be a crash indicator.
