Pepe (PEPE) Poised for 17% Surge with Bullish Triangle Pattern

Pepe (PEPE) Poised for 17% Surge with Bullish Triangle Pattern

Pepe (PEPE), the third-largest memecoin by market capitalization, is poised for upward momentum due to a bullish price action pattern on its daily chart.

Despite uncertainty in the overall cryptocurrency market, PEPE is showing promise, attracting attention from investors and whales, hinting at a potential rally.

Bullish On-Chain Metrics

Data from Coinglass indicates a significant outflow of $15 million worth of PEPE from exchanges over the past two days. Outflows suggest that assets are being moved to private wallets, which is often associated with buying opportunities.

Strong Trader Interest

On Binance, the PEPEUSDT Long/Short Ratio is 4.15, indicating that 80.57% of top traders are holding long positions, while only 19.43% are holding short positions. This strong interest from traders supports the bullish outlook.

Technical Analysis

According to AMBCrypto's technical analysis, PEPE has formed a descending triangle pattern with a breakout potential. If it breaks above $0.0000243, it could surge by 17% to $0.000028. The Relative Strength Index (RSI) is below the overbought area, suggesting further potential for an upward rally.

Dominance of Bulls

On-chain metrics indicate that bulls are derzeit dominating the memecoin market, which could support a breakout from the pattern and drive a 17% increase in the coming days.

Currently trading near $0.0000235, PEPE has experienced a 1.5% price increase and a 15% increase in trading volume over the past 24 hours, further reinforcing its bullish outlook.