|
Getting your Trinity Audio player ready...
|
Meme coin PEPE is back in the spotlight, gaining 5.79% in the last 24 hours and attracting attention from traders and analysts alike. The surge appears to be fueled by a confluence of technical patterns and market momentum—though some traders are betting against a sustained breakout.
A closer look at the PEPE/WETH chart, which mirrors the widely followed PEPE/USDT pairing, reveals a bullish pattern that has historically preceded explosive price rallies. The token has broken out of a descending channel—an indicator that has sparked three major rallies in the past. This breakout could potentially launch PEPE toward a 273% rally, with a target price of $0.00002786.
However, analysts caution that this move might not be immediate. Similar past breakouts have been followed by a period of consolidation before the price surged further.
Market sentiment supports this bullish scenario. Trading volume has soared by 38.17% to $896 million, signaling strong interest. Meanwhile, Open Interest in the PEPE Futures market currently stands at $348 million, a significant figure that highlights growing engagement from derivatives traders.
To better assess directional bias, analysts are monitoring the Open Interest Weighted Funding Rate. This key metric has remained in positive territory for the last three days, with a current reading of 0.0093%, indicating a bullish leaning.
Also Read: Pepe Coin Price Soars After Breakout—Is It Time to Dump Ethereum for PEPE?
Still, not all signs are green. Spot traders have started selling into strength, likely taking profits after recent gains. Approximately $8 million in PEPE has been offloaded by these traders. This selling pressure could slow the rally and lead to a short-term consolidation phase.
Despite the hesitancy among spot traders, the overall technical and derivative market activity points toward further upside potential. If the bullish momentum continues and sentiment stays strong, PEPE could be poised for another historic surge.
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.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
