The frog-themed meme coin PEPE has emerged as one of the top-performing cryptocurrencies over the past week, with its price rising by roughly 50% to a nine-month high of $0.0000049.

The token has already demonstrated its ability to deliver triple and even quadruple gains in the past, and many analysts now believe another move of that scale could be on the horizon.

‘The Frog is Waking Up’

X user Giannis Andreou noted that PEPE’s weekly chart is holding a higher low above its 2023 base, meaning the test now comes at $0.0000048-$0.0000055.

The analyst claimed the weekly candle “is still open,” arguing that a close above the upper boundary, followed by a successful retest, could strengthen the case for $0.0000065-$0.0000075.

“Clear that, and $0.000009-$0.0000105 becomes the next zone to watch. The bigger recovery scenario reaches $0.000013–$0.000016,” he added.

At the same time, the analyst warned that a rejection may lead to a drop to the $0.0000023-$0.0000032 range.

For his part, Crypto With Gopal argued that the meme coin’s price is testing the lower trendline after a rejection near $0.0000054, showing momentum is tightening. He believes that the setup remains bullish, but buyers must defend support and reclaim the upper resistance to initiate a further upswing.

X user Plazma also chipped in, estimating that PEPE had formed a golden cross on the 50-day/200-day moving average: a setup usually considered highly positive for the price.

The Dangerous Game With Meme Coins

PEPE’s price increase is impressive and could go even higher, but traders and investors who want to hop on the bandwagon should keep in mind that tokens like this are highly volatile and often driven more by hype and speculation than fundamentals. Recently, X user Crypto Bitlord warned people to stay away from memes, claiming 99% of them are scams.

“It’s hard for me to recommend anyone play that game because the statistics are against you,” he added.

PEPE has been on the market for more than three years and has built a solid community base, but no one can say for sure whether the project has a bright future or is a time-ticking bomb.

Meanwhile, CoinGlass data shows that over the past few days, investors have moved PEPE tokens from self-custody to centralized exchanges. That reinforces the bearish scenario since it increases immediate selling pressure.

Source: CryptoPotato