$PEPE: Triangle Breakout Targeting New Highs?Meme stocks have been consolidating recently, and CRYPTOCAP:PEPE appears poised for a breakout. A bullish triangle pattern has formed on the chart, suggesting a potential move to new highs if confirmed.
Applying Elliott Wave Theory, we can see a potential five-wave impulse move up from the April 5th low. The recent retracement found support at a critical level - the 78.6% Fibonacci retracement of wave (i). This is a significant bullish sign.
While my outlook is bullish, a short-term pullback (around 10%) suggested by the orange line could occur to shake out weak hands before the next leg up.
The key support level to watch is the 78.6% Fibonacci retracement. A break below this level would weaken the bullish case.
So, overall, the technical indicators for CRYPTOCAP:PEPE are bullish. A confirmed breakout from the triangle pattern and continued support above the 78.6% Fibonacci level could take it ttowards new highs.
