‘Meme coin’ PEPE may be set for a steep price escalation if fundamentals remain favorable.

PEPEUSDT - 1 Day Time Frame

When observing the cryptocurrency’s price behavior in the 1-day time frame chart powered by TradingView, a symmetrical W-shaped formation may be on the verge of occurring.

This pattern indicates a trend reversal which corresponds with the support level which is situated around $0.00000061.

Once the pattern is complete, the price has reached the next resistance level, forming a triangle of some sort.

Interestingly, after retracing to the 50% Fibonacci level, the price has created a resistance around $0.00000106.

To confirm this W-shaped structure, the final movement would be for the price to rise sharply, breaking through the upper resistance levels towards the 0.00000189$ mark.