PEPE Eyes $0.00001650 Target: Can It Maintain Bullish Momentum?

• PEPE’s bullish pennant on the 4-hour chart hints at a possible breakout towards $0.00001650 if resistance breaks.
• Key support levels for PEPE are $0.00001190 and $0.00001030; a drop below may lead to a decline.
• Current indicators show PEPE’s RSI at 54.59 and MACD above the signal line, suggesting potential short-term bullish momentum.

The PEPE meme coin is showing promising technical signs on the 4-hour chart, hinting at a potential bullish breakout as highlighted by Clifton Fx, an analyst. Currently, PEPE/USDT is forming a bullish pennant formation, a pattern that often follows a strong upward move and signals further gains ahead. This technical setup is characterized by converging trend lines that create a triangular shape, suggesting that a breakout could lead to significant price movement.

The immediate focus is on the key support and resistance levels surrounding this pattern. The lower trend line of the pennant provides a crucial support level around $0.00001190. This support is vital for maintaining the integrity of the bullish pattern. 

Should the price drop below this level, it may invalidate the bullish scenario and lead to a potential decline. Another important support level is located at $0.00001030, marked by a recent swing low.

On the flip side, the upper trend line of the pennant serves as the primary resistance, currently at approximately $0.00001235. A successful breakout above this resistance level could trigger a substantial price rally. 

The bullish pennant formation suggests that the price might advance towards a target of $0.00001650. This target is based on the height of the flagpole preceding the pennant, indicating a projected move of around 36.60%.

Moreover, the current market dynamics support this optimistic outlook. The PEPE price stands at $0.000012, with a substantial 24-hour trading volume of $673,389,338. Although PEPE has experienced a slight decline of 2.31% over the past 24 hours, the technical indicators provide a mixed yet hopeful perspective. 

The 1-day RSI reading of 54.59 suggests that PEPE is neither in an overbought nor oversold condition, indicating potential for further movement. Additionally, the 1-day MACD is trading above the signal line, which implies some short-term bullish momentum.