Pepe (PEPE), the renowned third-largest crypto meme coin, has been making waves in the crypto community after breaking out of a bullish price action pattern. This breakout comes after a period of consolidation lasting over three weeks, sparking excitement among traders and investors.
Technical Analysis and Future Levels
According to CoinPedia’s technical analysis, PEPE has successfully broken out of a bullish flag-and-pole price action pattern, closing a strong daily candle above the pole of the pattern. This breakout has shifted the overall sentiment in the market, with the potential for PEPE to soar by 45% and reach the $0.000036 level in the near future. This prediction is solely based on the breakout pattern, which has also propelled PEPE to a new all-time high.
On a positive note, PEPE’s Relative Strength Index (RSI) currently stands at 61, below the overbought threshold of 70. This suggests that PEPE has room for significant growth in the days ahead.
Bullish On-Chain Metrics
Following the breakout, on-chain analytics firm Coinglass has reported a surge in interest and confidence among traders and whales in PEPE. The spot inflow/outflow data reveals a massive outflow of $9.10 million from exchanges since the breakout. Outflows from exchanges often indicate buying opportunities and reduce the likelihood of price declines, hinting at a potential upside rally.
Additionally, traders’ participation has increased significantly, with PEPE’s open interest (OI) rising by 40%. This surge in OI indicates heightened trader activity and the formation of new positions.
Current Price Momentum
At the time of writing, PEPE is trading near $0.000025, experiencing a price surge of over 16% in the past 24 hours. The trading volume has also increased by 110%, reflecting increased participation from traders and investors following the breakout.
In conclusion, PEPE’s breakout from the bullish pattern has sparked a new wave of interest and confidence in the meme coin. With bullish on-chain metrics and strong price momentum, PEPE is poised for further growth and potentially setting new records in the near future.