The popular and third-biggest meme coin, Pepe (PEPE), is now gaining significant attention from investors and traders following its successful breakout of the $0.00000875 level. On September 26, 2024, PEPE experienced an impressive price surge, resulting in a successful breakout.
Current Price Momentum
As of writing, PEPE is trading near $0.00000908 and has experienced a price surge of over 8.5% in the past 24 hours. During the same period, investor and trader interest also skyrocketed, resulting in a 22% jump in trading volume. This momentum highlights the growing interest and confidence in PEPE among the crypto community.
PEPE Technical Analysis and Upcoming Levels
This significant price jump has shifted the overall sentiment for PEPE towards a more bullish outlook. According to CoinPedia’s technical analysis, the meme coin appears to be in a strong bullish trend. Additionally, it has breached a crucial resistance level of $0.00000875, which was the last hurdle PEPE faced following the breakout of the descending trendline earlier on September 23, 2024.
With this breakout, PEPE has cleared its path for an upcoming rally. Based on historical price momentum, there is a strong possibility that PEPE could soar by 45% to reach the $0.000013 level in the coming days. Additionally, the meme coin trades above the 200 Exponential Moving Average (EMA) on a daily timeframe, indicating a continued uptrend.
PEPE’s Bullish On-chain Metrics
This bullish thesis is further supported by the on-chain metrics. According to the on-chain analytics firm Coinglass, PEPE’s Long/Short ratio currently stands at 1.066, the highest since August 2024. This ratio indicates a strong bullish sentiment among traders.
Additionally, its future open interest has jumped by 15% over the past 24 hours, indicating that traders are potentially betting more on long positions. Currently, 51.65% of top PEPE traders hold long positions, while 48.35% hold short positions. When combining all these on-chain metrics, it appears that bulls are currently dominating the assets, which may help PEPE in its upcoming rally.
