Summary
TLDR: PEPE price broke out from a long-term descending resistance trend line, nearly reaching a new all-time high. Despite a slight rejection, the price remains above a minor horizontal support area. Technical analysis suggests a potential 70% increase to a new all-time high if the support area holds.
Key Points
1. The PEPE price broke out from a long-term descending resistance trend line and nearly reached a new all-time high this week.
2. While PEPE suffered a slight rejection on February 28, the price still trades above a minor horizontal support area.
3. The weekly Relative Strength Index (RSI) supports the breakout, indicating a bullish trend with the potential for a new all-time high price.