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Is PEPE’s consolidation an early sign of an October-style 100%+ breakout rally?
For PEPE, as with other memecoins, hype may be a double-edged sword.
PEPE’s October rally remains one of its most notable price movements, representing a 227% hike in price. To determine if PEPE is positioned for a similar rally, its current technical setup is worth analyzing.
In a recent market commentary, analysts hinted at the possibility of a 100% upside in Pepe [PEPE], drawing parallels with its October breakout pattern. Notably, 2024 marked a breakout year for the memecoin, after it posted remarkable 1,435% year-over-year gains – Surging from its New Year opening price of $0.0000013. By doing so, it closed the year with exponential returns.
At press time, however, PEPE was trading 61% below its Q1 2025 opening, reflecting broader market corrections. Still, its current 1-day chart structure closely mirrors the late October consolidation range, characterized by compressed price action. Historically, this pattern has preceded a sharp breakout, with the same seeing PEPE skyrocket by 227%, peaking at $0.00002597 on November 14.
As a result, speculations are swirling around whether the memecoin could be ready for a similar breakout in the near term.
A repeat rally, perhaps?
Source: TradingView (PEPE/USDT) Breakdown of PEPE’s fundamental setup
Interestingly, active addresses on the PEPE network averaged 2,500 prior to a significant surge to 20,500 in mid-November, aligning with the token’s parabolic price movement. Historically, such an uptick in on-chain activity has been a leading indicator of bullish momentum.
However, current network metrics remain relatively flat, with active addresses at 2,587 – Mirroring previous consolidation phases before breakout events.
In other words, this could mean a similar accumulation pattern that preceded a significant price shift previously.
Despite the lack of concrete confirmation, PEPE’s speculative rally potential might be a double-edged sword. Particularly when considering derivative market data.
For instance – Coinglass data indicated that despite the absence of dip-buying support, PEPE’s 20% weekly gains may be at risk of triggering liquidation cascades, especially on long positions, due to the same.
Consequently, PEPE’s gains have been driven by leveraged liquidity rather than organic buying, making this rally vulnerable to a sharp reversal. Take a Survey: Chance to Win $500 USDT
Source: https://ambcrypto.com/is-pepes-consolidation-an-early-sign-of-an-october-style-100-breakout-rally/
