Pepe Coin Price Targets Multi-Month High at $0.000023793 as Cup & Handle Pattern Nears Completion

Pepe coin (PEPE) price shows signs of a potential rally to a new multi-month high at $0.000023793 as the market structure completes a cup and handle pattern on the 12-hour chart. 

This bullish formation for PEPE follows a notable 81.10% gain in one month that saw this Ethereum meme coin’s price hit a four-month high of $0.000015410.

At press time, Pepe coin trades at $0.000013973, with an intraday gain of 2.33%, despite Bitcoin reaching a new all-time high and altcoins heating up.

Pepe Coin Price Poised for a 61.26% Rally to $0.000023793

Pepe price eyes a 61.26% rally from its current position of $0.000014558 as it nears the breakout from a Cup and Handle pattern. A successful push above the neckline at $0.000014764 could catalyze a rally that pushes this meme token closer to the all-time high at $0.00002825 that was set on December 9. 

This cup and handle consolidation pattern often precedes an incoming uptrend. It contains a rounded bottom known as the Cup and is followed by a small consolidation termed the Handle. Hence, the name.

The target of $0.000023703 for the aforementioned Cup and Handle is obtained by measuring the 61.26% depth of the cup and adding it to the neckline of $0.000014764. A breakout and bullish continuation can be confirmed with an uptick in volume and momentum.

PEPE’s price is also trending above the 200-period MA, which is often used in conjunction with the cup and handle, and this suggests massive strength of the potential breakout. If the handle extends past its current position, a price of $0.000023793 will be in sight.

Moreover, the rising 50-period MA, which is positioned below the price points, indicates increasing medium-term bullish momentum and support at $0.000013191.

PEPE/USDT: 12-hour Chart by TradingView

For momentum, the relative strength index (RSI) stands at 59.12, and climbing upwards. Indicating that the meme coin is still experiencing bullish momentum.

Pepe Open Interest and Funding Rates Signal Bullish Momentum

Derivatives data on Coinglass reveals open interest jumped by 111.4%, which represents $636.44 million, an indication of strong market interest and the potential for further upsides. In addition, funding rates have also remained positive, which is a bullish signal showing traders are still willing to pay a premium fee to keep their positions open.

Final Takeaway

Pepe coin’s price forecast shows the meme coin is primed for a breakout as signaled by the cup and handle pattern, the high open interest and positive funding rates in the futures market, as well as an overall favorable altcoin market which is heating up in sync with Bitcoin’s rally to a new all-time high.