The popular meme coin, PEPE, is showing strong signs of a potential bullish rally in the coming days. A recent analysis by a crypto expert on X suggests that PEPE has broken out of a bullish flag and pole pattern, a technical indicator that often precedes significant price increases.
Technical Indicators Signal Upward Momentum
The Relative Strength Index (RSI) for PEPE currently stands at 63, indicating that the coin is not overbought and has room for further growth. Additionally, the 200-day Exponential Moving Average (EMA) is providing strong support to the coin’s price. These technical indicators suggest that PEPE is in a strong uptrend and could potentially reach the $0.0000375 level, representing a 75% increase from its current price.
Whale Activity Fuels Optimism
On-chain data from Coinglass reveals that whales have been actively accumulating PEPE. In the period between November 16th and 30th, 2024, a significant $341.5 million worth of PEPE was transferred from exchanges to whale wallets.
This substantial outflow suggests that large investors believe in the long-term potential of the meme coin.
Moderate Trader Interest
While whale activity has been strong, trader interest in PEPE has remained relatively moderate. The open interest (OI) for the coin has remained unchanged over the past 24 hours, indicating that traders are not actively taking positions on the coin.
Current Price and Market Sentiment
At the time of writing, PEPE is trading near $0.000020, with its price remaining relatively stable over the past 24 hours. The trading volume has decreased by 10%, suggesting reduced interest from traders. However, the overall market sentiment for PEPE remains bullish, driven by the strong technical indicators and whale accumulation.
PEPE’s recent breakout from a bullish flag and pole pattern, coupled with strong technical indicators and whale accumulation, suggests that the meme coin is poised for a significant price rally. While trader interest may be moderate, the potential for substantial gains in the coming days makes PEPE an intriguing asset for investors seeking high-risk, high-reward opportunities.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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