Explosion Alert! PEPE Is About to Skyrocket, Aiming for a 45% Gain
Amidst the recent boom, there is a high possibility that PEPE could surge 45% to reach $0.000013.
PEPE's Long/Short ratio is currently at 1.066, indicating strong bullish sentiment among traders.
PEPE’s open interest has increased by 15% over the past 24 hours, suggesting traders may be placing more bets on long positions.
The third most popular meme coin, Pepe (PEPE), is currently attracting significant attention from investors and traders after successfully breaking above the $0.00000875 level. On September 26, 2024, PEPE experienced an impressive price surge, resulting in a successful breakout.
Current price momentum
As of writing, PEPE is trading near $0.00000908 and has experienced a price increase of over 8.5% over the past 24 hours. During the same period, investor and trader interest has also spiked, leading to a 22% increase in trading volume.
PEPE Technical Analysis and Upcoming Levels
However, this significant price increase has changed the overall sentiment towards PEPE. According to CoinPedia's technical analysis, the meme appears bullish. Additionally, it has broken through a key resistance level at $0.00000875, which is the last hurdle PEPE faces after breaking out of the downtrend line on September 23, 2024.
$PEPE
With this breakout, PEPE has paved the way for an upcoming rally. Based on historical price momentum, there is a high probability that PEPE could surge 45% to $0.000013 in the coming days.
Additionally, the meme coin is trading above the 200-Percent Moving Average (EMA) on the daily time frame, indicating an uptrend.
PEPE's Bullish On-Chain Metrics
This bullish hypothesis is further supported by on-chain indicators. According to on-chain analytics firm Coinglass, PEPE's Long/Short ratio is currently at 1.066, its highest since August 2024. This ratio shows strong bullish sentiment among traders.
Additionally, its futures open interest has increased by 15% in the last 24 hours, suggesting that traders may be betting more on long positions. Currently, 51.65% of top PEPE traders hold long positions, while 48.35% hold short positions.
Combining all of these on-chain metrics, it appears that speculators are currently dominating the asset, which could help PEPE in the upcoming bull run.
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