MEXCPepe Coin Price Signals 30% Rally with Wedge Pattern in Play
Highlights
- Pepe coin's Open Interest surged 46% weekly, from $63M to $92M, indicating increased investor activity.
- A potential breakout crossover between the 20-and-200-day EMA slope could accelerate the selling pressure for a prolonged downfall.
- A fall below the wedge pattern support will invalidate the bullish outlook for extended correction.
Pepe coin price saw a 2.3% jump during Monday’s session as the crypto market experienced a relief rally. As Bitcoin attempts to reclaim $60,000, the volatile meme cryptocurrency sector, including Pepe, shows significant growth. Will this recovery continue, or are sellers waiting for a counterattack?
PEPE Coin Price Nearing a Crucial Breakout
For the past two weeks, the Pepe coin price showcased a sideway action resonating between the $0.000009 resistance and the lower trendline of the wedge pattern. A recent bearish reversal from overhead resistance plunged the asset by 18% to trade at $0.0000074. Consecutively, the market cap fell to $3.16 Billion.
The wedge pattern consists of two converging trendlines that indicate a prevailing trend’s losing momentum. The trendline as dynamic resistance and support leads the price to a narrow apex before a decisive breakout for the next directional rally.
Moreover, the Pepe coin has experienced a notable surge in Open Interest over the past week. Data from Coinglass reveals that Open Interest jumped from $63 million to $92 million, marking a significant increase of 46%.
This sharp rise in OI suggests growing investor interest and increased participation in the market, indicating that traders are positioning themselves for potential volatility or upcoming price movements.
If the selling pressure resumes, the PEPE price may plunge 15% to seek support at the lower trendline. Previously, a reversal from this support led to a 72% rally to hit $0.000013 in late July, indicating a high accumulation zone for buyers.
If history repeats, the PEPE price will rally 30% to $0.0000098 to challenge the resistance trendline of the wedge pattern. A bullish breakout from this resistance will signal the end-of-correction trend.
On the contrary note, the coin price trading below the daily Exponential Moving Averages (20, 50, 100, and 200) hints the path to least resistance is down. A potential breakdown from the lower trendline will invalidate the bullish thesis and prolong a downfall to $0.00000463.
Frequently Asked Questions (FAQs)
1. How does the wedge pattern affect Pepe coin’s price outlook?
2. What are the key levels to watch for Pepe coin?
3. How does the increase in Open Interest impact Pepe coin's price outlook?
- Shiba Inu Team Launches Network Upgrade for Shibarium Amid Fresh Hack Concerns
- Solana Foundation Manager Vibhu Challenges Ripple Execs To Public “Facts-Only” XRP Debate
- Teucrium Files for Flare Network ETF as XRP Minting For FXRP Tops $120M
- Waller Signals December Fed Rate Cut Despite Powell’s “No More Cuts” Stance
- BitMine Buys $29 Million in Ethereum as Kalshi Traders Cut $5,000 Price Odds to 34%
- $100K or $125K? Crypto Analysts Split on Bitcoin Price Prediction Despite U.S.–China Trade Deal
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
- How High Can Zcash Price Go In November?
- SOL ETFs Records $44.4M in 4 Days: What’s Next For Solana Price?
- Why Is TAO Price Skyrocketing Today?
- After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Pepe
24 Hours volume
$303.58M
Market Cap
$2.8B
Max Supply
420.69T
