At a trading price of $0.00000947 after a 5.6% increase in the last 24 hours, PEPE [PEPE] is stirring up the meme coin market with potential bullish trends, despite a 7% drop over the past week. Driven by broader market optimism, PEPE’s recent uptick is accompanied by encouraging technical signals, which could foreshadow an upcoming rally.
Positive Market Sentiment And Rising Buying Pressure
PEPE’s price action hints at buyer dominance, especially as the Chaikin Money Flow (CMF), a key indicator of buying and selling momentum, holds a strong positive reading at 0.18. This reflects growing buying interest as sellers seem to wane. Additionally, the consistent appearance of green histogram bars over the past four days highlights that PEPE’s buyers are now outnumbering sellers, lending support to its upward movement.
The broader market’s positive sentiment has also benefited PEPE. The long/short ratio—a crucial measure of market confidence—recently rose from 0.87 to 0.99. This shift indicates that traders are beginning to close short positions, favoring potential price growth instead. Furthermore, Coinglass data reveals that PEPE’s funding rates reached a weekly high, indicating that more traders are opening long positions, reflecting optimism for continued gains.
If PEPE can maintain this momentum and flip the resistance level at $0.0000097, technical analysis suggests a potential 36% rally toward the 1.618 Fibonacci level of $0.0000129. This target is ambitious but achievable, especially if PEPE continues to attract buyer interest at current levels.
Whales and PEPE – Transaction Spike Adds Volatility
A notable increase in whale transactions is also adding fuel to PEPE’s volatility. Recent data from IntoTheBlock shows that large PEPE transactions have surged, hitting 1.96 trillion tokens in recent days. This is especially significant given that whales control 48% of PEPE’s total supply, compared to retail traders’ 27% stake. Increased whale activity typically precedes price swings, and with the recent price gains and rising buying pressure, whales appear to be accumulating more PEPE, which could signal a strengthening trend.
For PEPE to fully break free from its downtrend, however, it will need to surpass its 200-day Simple Moving Average (SMA), a technical level it has struggled to overcome since October. But the current testing of this resistance, coupled with the influx of whale buying, suggests that a reversal could be imminent if broader market conditions stay favorable.
Will PEPE Achieve Another Meme Coin Rally?
PEPE’s strong market fundamentals, combined with the evident buying pressure, provide a promising outlook. With a stable CMF, rising long positions, and substantial whale activity, PEPE could indeed rally if it breaks past key resistance points. While meme coins like PEPE often face volatility, the current market environment and technical setup appear supportive for a sustained upward trend.
Should PEPE’s bullish indicators continue to hold, and if it can decisively breach the $0.0000097 resistance level, a substantial rally could be on the horizon. For now, both retail traders and whales are watching the meme coin closely, hoping for a classic surge in the near term.
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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