Pepe (PEPE), the world’s third largest meme coin, is poised for a massive bull run now that it has broken out of a bullish price action pattern. Following this outbreak, increased participation from traders and investors was observed in the last few hours.
Traders and whales fuel PEPE’s breakthrough momentum
According to the recent report from on-chain analytics firm Coinglass, PEPE’s open interest (OI) has shot up 13.56% in the last four hours and 5.6% in the last hour. This growing OI indicates increased interest from traders in the meme coin.
In addition to traders, whales and institutions also appear to be more engaged, resulting in a significant increase in high transaction volumes, as reported by the on-chain analytics company InHetBlok.
PEPE Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, PEPE broke the bullish flag and pool price action pattern within a four-hour time frame. In technical analysis, a breakout of flags and poles is considered a strong bullish signal, which often prompts traders and investors to initiate trades after the breakout.
Based on recent price action and historical momentum, if PEPE successfully closes a four-hour candle above the $0.0000222 level, there is a strong possibility that it could rise 65% to reach the $0.000036 level in the coming days.
However, PEPE’s bullish thesis will only remain valid if the meme coin closes a four-hour candle above the mentioned level, otherwise it may fail.
Currently, the meme coin is trading above the 200 Exponential Moving Average (EMA) on both the four-hour and daily time frames. Meanwhile, the Relative Strength Index (RSI) signals a potential upward rally in the coming days.
Current price momentum
At the time of writing, PEPE is trading around $0.000020 and has experienced a price increase of over 5.10% in the last 24 hours. During the same period, trading volume increased by 18%, indicating greater trader participation after the bullish breakout.
