Popular memecoin PEPE may be on the verge of a significant rally, fueled by renewed optimism in the speculative memecoin market. With multiple Break of Structure (BOS) and Change of Character (CHoCH) confirmations, PEPE is now targeting a crucial resistance level that could trigger a strong price uptrend.
PEPE’s Price Action Signals a Bullish Breakout
Over the past 24 hours, PEPE’s price surged by 5.02%, accompanied by a 39.88% spike in trading volume. These bullish indicators suggest growing trader confidence in a potential breakout.
Technical analysis of the 4-hour chart reveals multiple BOS and CHoCH confirmations, signifying a bullish reversal. PEPE has been reclaiming key support levels and is now testing the $0.00000780 resistance zone. According to BlockchainBaller on CoinMarketCap, a successful breakout above this level could set the stage for a sustained uptrend.
At press time, PEPE was trading at $0.00000762, with its Relative Strength Index (RSI) at 50—indicating neutral market conditions with room for increased buying pressure. Additionally, PEPE’s short-term technical indicators, including the MACD (12,26) and moving averages, are flashing ‘buy’ signals, further reinforcing the bullish outlook. However, long-term moving averages remain bearish, suggesting that sellers still hold some influence over the market.
PEPE Derivatives Data Confirms Bullish Sentiment
On-chain data from Coinglass shows that PEPE’s Open Interest (OI) has climbed by 8.47% in the last 24 hours, with the OI-Weighted Funding Rate also turning positive over the past 48 hours. This indicates rising trader optimism and increased positioning for a potential rally.
Moreover, PEPE’s long-short ratio stands at 1.41, highlighting a buyer-dominated market. However, volatility remains a key risk factor in the memecoin sector, as evidenced by fluctuations in the long-short ratio.
What’s Next for PEPE?
With bullish confirmations in place and strong on-chain support, PEPE appears ready for a breakout. If the memecoin successfully breaches the $0.00000780 resistance, it could climb towards $0.00000850 in the mid-term. However, traders should remain cautious, as memecoin markets are highly speculative and prone to sudden reversals.
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.
Also Read: Pepe Coin (PEPE) Skyrockets 7% as Whales Accumulate $4.3M – Is a Surge Incoming?
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