Price Analysis

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

Pepe price eyes a 61.26% rally from its current positions of $0.000014558 as it nears the breakout from a Cup and Handle pattern.
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Pepe Coin Price Targets Multi-Month High at $0.000023793 as Cup & Handle Pattern Nears Completion

Highlights

  • Pepe coin price eyes a breakout from the cup and handle pattern to a multi-month high of $0.000023793.
  • 111.4% increase in open interest shows bullish momentum is building up across the derivatives market.
  • The overall crypto market is trading in the green zone, including Bitcoin and several other altcoins, adding tailwind to PEPE’s uptrend.

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.

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

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 coin RSI on the 4-hour chart
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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.

Pepe coin future open interest
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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.

Frequently Asked Questions

What is Pepe coin’s cup and handle pattern?

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

What is Pepe’s all-time high?

Pepe coin‘s all-time high is $0.00002825 and was set 5 months ago on December 9, 2024.

Will the Pepe coin rally past its all-time high of $0.00002825?

With the right market conditions, Pepe coin’s price could rally to a new multi-month high of $0.000023793, which could spark further upsides past the ATH.
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William

William is a markets and business journalist at CoinGape, where he covers developments across the digital asset space. He has contributed to leading media outlets such as the Times of Malta and previously reported on business news as an assistant reporter for TVM.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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