An analyst has explained that PEPE could be breaking out of a descending channel pattern currently and may be heading towards these targets. PEPE Has Been Breaking Out Of A Descending Parallel Channel Recently In a new post on X, analyst Ali pointed out how the 4-hour PEPE price is breaking out of a descending parallel channel currently. In technical analysis, a “parallel channel” refers to the area enclosed by two parallel trendlines where the price of the given asset has been traveling inside recently. Related Reading: Sell The News: Bitcoin Short-Term Holders Participate In $2 Billion Selloff Generally, the price is likely to encounter resistance at the upper line of the channel, while the lower level could act as a source of support. Because of this reason, tops and bottoms are naturally probable to occur at the respective trendlines. In the context of the current discussion, a parallel channel called a descending channel is of interest. As its name suggests, this channel represents a downtrend in the asset. The upper line of the descending parallel chan ..
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