Traders and Whales Fuel PEPE’s Breakout Momentum
Pepe (PEPE), currently the world’s third-largest meme coin, is on the verge of a significant bull run. This expectation comes after PEPE successfully broke out from its bullish price action pattern. In the hours following this breakout, there has been a noticeable increase in participation from both traders and investors, signaling a potential upward trajectory for the coin.
According to recent data from the on-chain analytics firm Coinglass, PEPE’s open interest (OI) has surged by an impressive 13.56% over the past 24 hours and 5.6% in the last hour alone. This substantial increase in OI is a clear indicator of growing trader interest in this meme coin. Moreover, alongside retail traders, large-scale investors such as whales and institutions are also engaging more actively. This engagement has led to a notable rise in large transaction volumes, as highlighted by analytics from IntoTheBlock.
PEPE Technical Analysis and Upcoming Levels
Technical analysis from CoinPedia suggests that PEPE has broken out from a bullish flag and pole price action pattern on the four-hour timeframe. In the realm of technical analysis, such a breakout is often seen as a strong bullish signal. It frequently prompts traders and investors to place trades, anticipating further upward movement following the breakout.
Analyzing recent price action and historical patterns, if PEPE manages to close a four-hour candle above the $0.0000222 threshold, there is a significant potential for the price to surge by up to 65%, reaching the $0.000036 level in the near future. However, it’s crucial for PEPE to sustain its position above this level to maintain its bullish outlook. Failing to do so might result in a retracement.
Currently, PEPE is trading above the 200 Exponential Moving Average (EMA) on both four-hour and daily charts, which is typically a positive sign. Additionally, the Relative Strength Index (RSI) is suggesting the likelihood of an upside rally in the upcoming days, providing further bullish signals.
Current Price Momentum
As of the latest update, PEPE is trading near $0.000020, experiencing a price surge exceeding 5.10% in the past 24 hours. Concurrently, the trading volume has risen by 18%, further emphasizing the growing interest among traders following the recent bullish breakout. This increase in trading volume and price movement underscores the potential for PEPE to continue its upward momentum in the short term.
