Crypto Analyst Predicts Pepe Coin 'To Be Breaking Out' As Price Escapes Bearish Channel

Cryptocurrency analyst Ali Martinez said that the meme cryptocurrency Pepe Coin PEPE/USD is currently showcasing signs of a bullish breakout from a downward trend. 

What Happened: PEPE’s value on the 4-hour chart is seen emerging from a descending parallel channel—a pattern that shows that PEPE is off to a rally.

A descending parallel channel pattern shows that PEPE's price will go down over time while bouncing between two downward-sloping lines: one line is above the price and acting like a ceiling (resistance), while the other line is below the price, acting like a floor (support). These lines are parallel and contain the price between them, creating what is called a “channel.”

$PEPE appears to be breaking out from a descending parallel channel, which suggests #PEPE could advance toward $0.0000016 or even $0.0000019! pic.twitter.com/Emnz0W4BvR

— Ali (@ali_charts) January 11, 2024

Pepe is up 12% rise in the past week—outperforming other meme cryptocurrencies such as Dogecoin DOGE/USD and Shiba Inu SHIB/USD that were up 1%-3% in the last seven days. At the time of writing, PEPE was trading at $0.0000013, down 1% in the last 24 hours.

Ali Martinez, in a tweet on X said, "PEPE could advance toward $0.0000016 or even $0.0000019!” 

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

SOL Analysis: In another analysis,  Martinez has shared an optimistic scenario for Solana SOL/USD, identified through technical patterns on its price chart. Martinez said, “Solana is breaking out from a bull flag that developed on the 4-hour chart.” 

The chart suggests that if Solana can manage to maintain a price above the key level of $106—a criterion for confirming the pattern—it might spark a bullish rally for the ‘Ethereum ETH/USD killer'. 

According to his analysis, such a breakout could propel the SOL token, potentially escalating its market price by 47%, with projections set between “$150 – $165.”

#Solana is breaking out from a bull flag that developed on the 4-hour chart. A sustained close above $106 can trigger a 47% rally that pushes $SOL toward the $150 – $165 price range. pic.twitter.com/VmbA9L4QuL

— Ali (@ali_charts) January 11, 2024

Price Action: At the time of writing, SOL was trading at $94.38, down 2.44% in the last 24 hours, according to Benzinga Pro

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Photo by Morrowind on Shutterstock