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Pepe (PEPE), the popular and third-largest crypto meme coin, is garnering massive attention from crypto enthusiasts after breaking out of a bullish price action pattern. This breakout in PEPE follows a prolonged consolidation phase lasting more than three weeks.
PEPE Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, PEPE has broken out of a bullish flag-and-pole price action pattern, closing a strong daily candle above the pole of the pattern. However, this breakout has shifted the overall sentiment among traders and investors.
Based on recent price action, there is a strong possibility that PEPE could soar by 45% to reach the $0.000036 level in the coming days. However, this price prediction is entirely based on the pattern breakout.
Additionally, this breakout has propelled PEPE to a new all-time high, and it is expected to continue its upward rally, potentially setting another record.
On the positive side, PEPE’s Relative Strength Index (RSI) currently stands at 61, which is below the overbought threshold of 70. This indicates that PEPE has sufficient room to rise significantly in the coming days.
Bullish On-Chain Metrics
Following this breakout, traders’ and whales’ interest and confidence in the meme coin have skyrocketed, as reported by the on-chain analytics firm Coinglass.
Massive PEPE Outflow
PEPE’s spot inflow/outflow data reveals that exchanges have experienced a significant outflow of $9.10 million since the breakout. In the cryptocurrency context, outflow refers to the movement of assets from exchanges to wallet addresses for long-term holding.
Outflows from exchanges often indicate potential buying opportunities, reduce the likelihood of a price decline, and suggest the possibility of an upside rally.
Rising Open Interest
In addition to the interest from whales and institutions, traders’ participation has surged since the meme coin broke out of its bullish pattern. According to the data, PEPE’s open interest (OI) has increased by 40%, indicating heightened trader activity and the formation of new positions.
Current Price Momentum
At press time, PEPE is trading near $0.000025 and has experienced a price surge of over 16% in the past 24 hours. During the same period, its trading volume increased by 110%, reflecting heightened participation from traders and investors driven by the recent breakout.