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- PEPE could rise 17% to reach the $0.000028 level if it closes a four-hour candle above the $0.0000243 level.
- 80.57% of the top Binance traders currently hold long positions, while 19.43% hold short positions.
Pepe [PEPE]The world’s third largest memecoin by market capitalization is poised for upside momentum as it has formed a bullish price action pattern on the daily time frame.
The overall market capitalization for cryptocurrency appears uncertain, with top assets including Bitcoin[BTC]Ethereum [ETH]and Ripple[XRP] are gaining remarkable upward momentum, while others continue to struggle.
Amid the uncertain cryptocurrency market, PEPE appears promising as it has received notable attention from crypto investors and whales, signaling a potential upside rally.
IIn addition to increasing investor interest, the bullish outlook for the memecoin is further supported by on-chain metrics and price action.
PEPE’s bullish on-chain metrics
Data from on-chain analytics firm Coinglass’s PEPE Spot Inflow/Outflow metrics showed that exchanges have witnessed a significant outflow of $15 million in PEPE over the past two trading days.
In the cryptocurrency context, “outflows” refer to the movement of assets from exchanges to wallet addresses, indicating potential upside momentum and suggesting an ideal buying opportunity.
However, the outflow statistics mainly take into account the participation of long-term owners, whales and investors. Moreover, traders on Binance have shown great interest in the memecoin. Currently, Binance’s PEPEUSDT Long/Short Ratio stands at 4.15, indicating significant interest among traders.
Source: Coinglass
Currently, 80.57% of Binance’s top traders have long positions, while 19.43% have short positions.
Technical analysis and key levels
According to AMBCrypto’s technical analysis, PEPE has formed a descending triangle pattern over a four-hour time frame and is on the verge of a breakout. If PEPE breaks out of the pattern and closes a four-hour candle above the $0.0000243 level, there is a good chance that the price will rise 17% to reach $0.000028.
Source: TradingView
On the plus side, PEPE’s Relative Strength Index (RSI) is still below overbought territory, indicating there is room for an upside rally.
Combining these on-chain metrics, it appears that bulls, including traders and long-term holders, are currently dominating the memecoin. This could support a breakout from the pattern and boost the memecoin by 17% in the coming days.
Read Pepe’s [PEPE] Price forecast 2024–2025
Currently, PEPE is trading around $0.0000235, after rising more than 1.5% in the past 24 hours.
During the same period, trading volume rose 15%, indicating greater trader and investor participation amid PEPE’s bullish outlook.
