Pepe (PEPE), the third-largest meme coin, has captured significant attention in the crypto community after breaking out of a bullish flag-and-pole pattern. This breakout follows over three weeks of consolidation, pushing PEPE to a new all-time high and signaling a potential continued rally.
Technical Analysis and Upcoming Price Levels
PEPE’s price action indicates a strong possibility of a 45% surge to the $0.000036 level in the coming days, based on the recent pattern breakout. Traders are optimistic as the breakout closed a strong daily candle above the pattern’s pole, confirming bullish momentum. With PEPE’s current Relative Strength Index (RSI) at 61, there is still room for growth, as the asset has not yet reached the overbought zone (RSI of 70).
Bullish On-Chain Metrics and Whale Interest
PEPE’s recent performance has attracted a significant rise in whale interest and trading activity. According to Coinglass, the meme coin has seen an outflow of $9.10 million from exchanges, a sign of long-term holding by investors. Outflows generally indicate reduced selling pressure and may fuel further price increases.
Additionally, PEPE’s open interest (OI) has surged by 40%, signaling increased participation from traders, further bolstering the positive sentiment surrounding the token.
Current Price Momentum
At the time of writing, PEPE is trading around $0.000025, having surged by over 16% in the last 24 hours. The trading volume has also increased by 110%, reflecting a growing interest in the coin following the breakout. The strong technical indicators and on-chain metrics suggest that PEPE’s upward momentum could continue, potentially reaching new highs in the near future.
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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