Pepe (PEPE), the widely recognized meme coin, is making waves in the cryptocurrency market as it breaks out from a prolonged period of consolidation, signaling the potential for a massive rally. On January 17, 2025, PEPE surged over 10%, following the bullish momentum of major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), breaking through resistance levels that have held since December 2024.
Pepe’s Bullish Technical Setup
According to technical analysis from CoinPedia, PEPE has recently broken out of a descending triangle price pattern, which clears the way for significant upward movement. With today’s price surge, PEPE has not only reclaimed critical price levels but has also positioned itself for a further rally, especially amid the prevailing bullish market sentiment.
PEPE is currently trading above the 200 Exponential Moving Average (EMA) on the daily chart, signaling a strong uptrend. Despite the notable gain, its Relative Strength Index (RSI) remains below the overbought zone, indicating room for further price growth in the coming days. If PEPE holds its current gains and closes above the $0.000020 mark, it could potentially see a 38% rise, reaching the $0.000027 level in the near future.
Market Sentiment and On-Chain Metrics
The recent rally has sparked strong interest from traders and investors, with a 30% increase in trading volume. This surge in interest is backed by bullish on-chain metrics from CoinGlass. Data shows that significant long positions have been built at the $0.000019 and $0.00002044 levels, totaling $6.7 million in long positions. These positions are nearing liquidation if PEPE continues its upward trajectory, further reinforcing the bullish outlook.
Moreover, PEPE’s open interest (OI) has surged by 15% in the last 24 hours, signaling growing confidence among traders that the meme coin may continue its climb. As the market remains optimistic, PEPE is well-positioned to capitalize on the current trend, with a potential to see even greater gains in the coming days.
Also Read: Pepe Coin Price Recovery at Risk as Whale Dumps 588B Tokens: Will a Crash Follow?
In summary, PEPE’s breakout, combined with strong technical indicators and bullish market sentiment, suggests that the meme coin could be gearing up for a significant rally. Traders are closely watching key levels for further price action, with a potential target of $0.000027.
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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