SOL - Crypto Analyst Predicts Pepe Coin 'To Be Breaking Out' As Price Escapes Bearish Channel | Benzinga
Cryptocurrency analyst Ali Martinez said that the meme cryptocurrency Pepe Coin (CRYPTO: PEPE) 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.”