Pepe Coin Price Forecast: PEPE Forms Bull Pennant After 60% Rally, Eyes $0.0000057 Next

Pepe Coin (PEPE) price has gained by 63% in seven days, with the price moving from $0.0000025 on August 19 to trade at $0.0000406 today, August 25. The meme coin has now formed a bull pennant after these gains, suggesting that the uptrend could continue to $0.0000057.

PEPE Coin Outperforms Dogecoin and SHIB After Massive Gains

Data from CoinMarketCap shows that PEPE is the third-most visited meme coin in the crypto market today, with Dogecoin (DOGE) and Shiba Inu (SHIB) ranking fourth and fifth, respectively.

PEPE’s 63% gain since August 19 is also higher than Dogecoin’s 31% gain and SHIB’s 27% gain during the same period.

Pudgy Penguins is the only top five meme coin that has performed better than Pepe Coin in the seven days leading up to August 25. As CoinGape reported earlier, PENGU price has surged by 68% amid an increase in futures volumes.

PEPE’s gains come as the sentiment around meme coins changes from bearish to bullish. Data from CoinMarketCap shows that the total meme coin market cap has increased by 31% from $22 billion on August 19 to $28 billion at the time of writing.

PEPE Price Targets $0.0000057 as Bull Pennant Emerges

Pepe Coin has created a bull pennant on the four-hour chart. This pennant forms when the price has seen a sharp uptrend and then cools off before buyers tighten their grip or profit-takers take over.

PEPE price is testing the resistance of this bull pennant at $0.0000040. If Pepe Coin moves above this psychological resistance, the price could reach the 161.8% Fib of $0.000057.

The RSI reading of 59 suggests that the momentum is favoring bulls. If the RSI line tips north again and creates a higher high, it will suggest that bulls are tightening their grip, and this could support a bullish future PEPE outlook and a move to $0.0000057.

If PEPE coin fails to move above the obstacle at $0.0000040, it could drop to support at the 61.8% Fib of $0.0000038. This move could invalidate the bull pennant.

The CMF reading of -0.09 also suggests that selling pressure is rising as some traders begin to take profits after Pepe Coin moved from $0.0000025 to $0.0000040. If this selling pressure increases, PEPE could drop to the support at $0.000038.

PEPE Futures Market Cools as Open Interest Falls to $298M

Pepe’s open interest has dropped from $350 million on August 22 to $298 million today, August 25, per CoinGlass data. The futures trading volumes have also moved from $811 million to $745 million during the same period.

This drop in OI and futures volume numbers suggests that speculative trading around PEPE is easing as the price faces resistance at $0.0000040.

The long/short reading of 0.91 also shows that there are more short positions than long positions. This reading suggests that most traders in the futures market expect the price of PEPE to drop after gaining by 63%.