Pepe Price Analysis: Pepe Hints a 2X Rally
Highlights
- PEPE Open Interest (OI) increased 14% across exchanges in the last 24 hours.
- PEPE Long/Short ratio jumped to 1.93, with 65.82% of traders Long, and 34.18% Short
- Over 78% of Pepe holders in profit
Pepe price analysis: PEPE price surged by 12.6% in the last 7 days, including a 10% increase in the past 24 hours to trade around $0.00001189. Pepe’s price has been moving sideways for some time now and the recent spike in price may be in anticipation of ETH ETFs trading potentially beginning soon.
Pepe Price Analysis: Critical Support Level Must Hold For 2X Gains
PEPE price has been correcting from its previous all-time high (ATH) price for about a month now. The has also previously broken out of an ascending triangle in a classic textbook breakout, which is usually followed by a retest.
The price of PEPE is now at the upper trendline of the ascending triangle, trending sideways along this support level. PEPE has been in consolidation for the past 11 days, further reinforcing the $0.0000105 support level as a potential bounce-off area.
The correction in price has formed a one-month-long falling wedge which is expected to break out to the upside in a 96% move that will set the PEPE price at a new ATH price of $0.00002096.
Pepe price action just crossed above the 50-day simple moving average (SMA), which is a bullish signal for crypto investors. Additionally, the 24-hour trading volume for PEPE, according to CoinGecko data, surged by 105%, indicating an uptick in investor interest.
The relative strength index is currently at 48 and rising. Moreover, the RSI has crossed above its moving average (MA) on the daily timeframe, an indicator that Pepe’s price is setting up for more upside. However, a break above the RSI (14) midpoint may constitute a more confident indicator of further upside movement.
On its way up, the price of Pepe may encounter some resistance around $0.00001725, and $0.00001981. Conversely, in a downward scenario, key support structures around $0.00000848 and $0.00000733 may support the PEPE price up.
Fundamentals Flash Buy Signals For Pepe Price
Data from Coinalyze shows that 1000PEPE Open Interest (OI) increased by 14% across crypto exchanges in the last 24 hours, with Binance having the largest share. This means money is flowing into Pepe, and is a signal that PEPE price may fly soon.
Additionally, the 24-hour 1000 PEPE Long/Short ratio jumped to 1.93, with 65.82% of traders Long on PEPE and 34.18% Short. This signals that most traders across exchanges are bullish on the meme coin.
$PEPE is gaining strength on the charts, gearing up for another upside move. If Bitcoin stays bullish, this memecoin might just trim a zero from its price. $SHIB and $DOGE are stepping up to lead the charge.
Previously there was an 11x surge in profits. #memecoins pic.twitter.com/VmS9v3c7yL— Decilizer (@decilizer) June 25, 2024
Crypto analyst, Decilizer, opines that Pepe is gearing up to slash a zero if Bitcoin price remains bullish.
Bottom Line
Pepe has a habit of pumping the hardest in the case of Ethereum good news, and this recent jump in price may be an indicator that something is cooking up for Ethereum price.
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