As the world’s third-largest meme coin, Pepe (PEPE) is on the cusp of a significant bull run. This anticipated surge is attributed to its recent breakout from a bullish price action pattern, drawing increased attention from traders and investors alike. With the market abuzz, PEPE is set to make waves in the cryptocurrency landscape.
Traders and Whales Fuel PEPE’s Breakout Momentum
The on-chain analytics firm Coinglass has reported a substantial increase in PEPE’s open interest (OI), which has surged by 13.56% in the past four hours and 5.6% in the last hour alone. Such a rise in OI underscores a growing interest among traders who are eager to capitalize on the meme coin’s potential gains. In addition to individual traders, whales and institutional investors are also showing heightened engagement, as evidenced by the surge in large transaction volumes noted by IntoTheBlock, another prominent analytics firm.
PEPE Technical Analysis and Upcoming Levels
Diving into the technical analysis, CoinPedia highlights that PEPE has successfully broken out of a bullish flag and pole price action pattern on the four-hour chart. This pattern is a strong bullish signal, often prompting traders and investors to initiate positions in anticipation of further price appreciation. If PEPE manages to close a four-hour candle above the $0.0000222 mark, the meme coin could potentially climb by 65%, reaching the $0.000036 level in the days to come.
It is important to note that the validity of PEPE’s bullish outlook hinges on its ability to maintain a position above the aforementioned level. Otherwise, the bullish momentum may falter. Currently, PEPE is trading above the 200 Exponential Moving Average (EMA) on both the four-hour and daily timeframes. The Relative Strength Index (RSI) suggests that there is room for further upside movement, hinting at a promising rally ahead.
Current Price Momentum
At the time of writing, PEPE is trading near $0.000020, having experienced a notable price increase of over 5.10% in the last 24 hours. This upward trend is accompanied by an 18% rise in trading volume, signaling robust participation from traders who are eager to ride the wave of this bullish breakout. As the market continues to respond to PEPE’s potential, the meme coin remains a focal point for both retail and institutional investors.
