PEPE, the renowned third-largest meme coin in the cryptocurrency world, is capturing substantial attention from crypto enthusiasts. This surge in interest comes on the heels of a significant breakout from a bullish price action pattern. This development follows an extended consolidation phase that lasted over three weeks.
PEPE Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, PEPE has successfully broken out of a bullish flag-and-pole price action pattern. This breakout is marked by a robust daily candle closing above the pole of the pattern. As a result, the sentiment among traders and investors has shifted considerably.
Based on recent price action, there is a strong potential for PEPE to ascend by 45%, aiming to reach the $0.000036 level in the coming days. This optimistic price prediction is primarily based on the pattern breakout. Furthermore, this breakout has propelled PEPE to a new all-time high, with expectations of continuing its upward rally and potentially setting another record.
Moreover, PEPE’s Relative Strength Index (RSI) stands at 61, which is still below the overbought threshold of 70. This indicates that PEPE has ample room for significant growth in the near future.
Bullish On-Chain Metrics
Following this breakout, the interest and confidence of traders and whales in the meme coin have surged dramatically. This increase in interest has been reported by the on-chain analytics firm Coinglass.
Massive PEPE Outflow
The spot inflow/outflow data for PEPE reveals that exchanges have seen a substantial outflow of $9.10 million since the breakout. In the realm of cryptocurrency, outflow refers to the movement of assets from exchanges to wallet addresses for long-term holding. Such outflows often indicate potential buying opportunities, decrease the likelihood of a price decline, and suggest a possible upside rally.
Rising Open Interest
Beyond the interest from whales and institutions, there has been a notable surge in traders’ participation since the meme coin broke out of its bullish pattern. Data indicates that PEPE’s open interest (OI) has risen by 40%, signaling heightened trader activity and the formation of new positions.
Current Price Momentum
As of the latest update, PEPE is trading near $0.000025 and has experienced a price surge of over 16% in the past 24 hours. During this same period, its trading volume increased by 110%, reflecting increased participation from traders and investors driven by the recent breakout.
