Pepe Coin (PEPE), the world’s third-largest meme coin, has ignited a bullish frenzy after breaking out of a significant price pattern. This breakout has attracted increased attention from both retail traders and institutional investors, as evidenced by surging open interest and large transaction volumes.
On-Chain Data Reveals Increased Interest
According to Coinglass, PEPE’s open interest (OI) has skyrocketed by 13.56% in the past four hours and 5.6% in the last hour. This significant increase in OI underscores the growing number of traders betting on PEPE’s future price movement.
Moreover, IntoTheBlock’s on-chain analytics reveals a notable uptick in large transaction volumes, suggesting heightened participation from whales and institutional investors.
Technical Analysis Points to Potential Upside
A recent technical analysis indicates that PEPE has successfully broken out of a bullish flag and pole pattern on the four-hour timeframe. This technical formation is often seen as a strong bullish signal, potentially leading to significant price appreciation.
If PEPE manages to sustain its momentum and close a four-hour candle above the $0.0000222 level, analysts predict a potential 65% surge to the $0.000036 level in the near future. However, it’s crucial for the meme coin to maintain its position above this critical level to validate the bullish thesis.
Also Read: How PEPE Memecoin’s 36,472.5% Surge Could Turn A $40K Investment Into $1 Million By 2026
Current Market Dynamics
At the time of writing, PEPE is trading near $0.00002046, having surged over 9.86% in the past 24 hours. The trading volume has also increased by 18% during this period, further confirming the heightened interest from traders.
The Road Ahead
While the recent breakout and increased investor interest have painted a bullish picture for PEPE, it’s important to note that the cryptocurrency market is inherently volatile. Factors such as broader market sentiment, regulatory developments, and unexpected news events can significantly impact the price of meme coins.
Investors and traders should conduct thorough research and consider consulting with financial advisors before making any investment decisions. As always, it’s advisable to exercise caution and manage risk effectively.
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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