PEPE Coin Price Eyes 20% Rally As $5.5M Leaves Exchanges

Key Insights:

• With four consecutive green candles, PEPE has opened its path to witness another 20% rally.
• $5.5 million PEPE meme coin has left the exchanges.
• PEPE may face a hurdle at $0.00001281; a breakout could propel the meme coin.

Amid the shift in the market sentiment, PEPE, the world’s third-largest crypto meme coin, has finally turned bullish. It is poised for a massive price uptick.

The daily chart shows that the meme coin has broken a key hurdle. Also, investors are accumulating. This suggests a potential rally ahead.

PEPE Current Price and Its Rising Trading Volume

At press, the PEPE price stood at $0.00001242 and has climbed 6% over the past 24 hours. This performance has triggered a notable surge in the traders’ and investors’ participation.

This resulted in a 20% jump in the trading volume, also recorded during the same period. This surge in trading volume and a price uptick show PEPE’s strong bullish momentum and appear sustainable.

According to IntoTheBlock, the recent rally in the meme coin has turned over 65% of the holders into profitable ones. However, 3% of holders are still breakeven, and 31% face losses.

Investors Accumulation Soar

Despite the PEPE price continuing to rise, investors continue to accumulate. Coinglass data revealed that exchanges over the past three days have recorded an outflow of $7.92M worth of PEPE.

This substantial outflow of tokens was recorded when meme coin prices rose. TradingView’s daily chart shows that PEPE recorded a price surge of 17% during the same period. This outflow of tokens amid the price uptick hints at meme coin potential in the long run.

Traders Bullish Bets Continue to Rise

Meanwhile, traders follow the same trend by betting strongly on long positions. Data revealed that $0.00001209 and $0.00001281 are the primary liquidation levels on the lower and upper sides.

Here, traders are over-leveraged. Traders have built $5.91 Million worth of long positions at these levels. At the same time, they have chosen $4.15 Million worth of short positions.

When combining these metrics, bulls are dominating the meme coin. $0.00001281 is the only key hurdle at the moment. This can slow upside momentum.

PEPE Technical Analysis and Upcoming Levels

According to expert technical analysis, PEPE appears bullish. It has recently broken out of a descending trendline. Since then, the price continues to rise.

The day chart shows that the meme coin has formed six consecutive green candles with the ongoing rally. It is now heading towards another resistance level.

This ongoing momentum may continue based on the current market sentiment and price action. If this happens, the meme coin could soar by 20%.

Moving ahead, it may reach the $0.000015 level in the future. On the other hand, if the momentum fails, the memecoin could see either sideways or downside momentum.

Technical Indicators and the Expert’s Bullish View

Memecoin’s Relative Strength Index (RSI) stood at 58 at press. This indicated that the asset is in near-overbought territory. Still, it has enough room to continue its upside momentum.

Meanwhile, the technical indicator Supertrend is flashing a red flag. At press, this indicator is in red and above the PEPE price. This hints that the meme coin is in a downtrend.

However, experts are optimistic about the PEPE as several posts have surfaced on X (Previously Twitter).

In a recent post, a crypto expert highlighted PEPE’s breakout from a descending trendline. This triggered a parabolic move. This time, the meme coin has formed a similar pattern, accompanied by a retest.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.