PEPE Price Predication for December 2024
Release: 2024/12/08 09:49 Reading: 996
PEPE Coin Surges after Bullish Price Pattern Breakout
The popular meme coin PEPE (PEPE) has generated significant interest among crypto enthusiasts following its breakout from a bullish price pattern. This breakout occurred after a period of consolidation lasting over three weeks.
Technical Analysis
Technical analysis by CoinPedia reveals that PEPE broke out of a bullish flag-and-pole pattern, closing above its resistance level. This breakout has led to positive sentiment among traders and investors.
Source: Trading View
The breakout suggests that PEPE could potentially rise by 45% to reach $0.000036 in the coming days. However, this prediction is based on the pattern breakout alone.
All-Time High and Upward Rally
The breakout has propelled PEPE to a new all-time high, and it is expected to continue its upward trend. This is supported by indicators such as the Relative Strength Index (RSI), which is currently at 61, indicating room for further growth.
Bullish On-Chain Metrics
On-chain analytics firm Coinglass reports a surge in traders' and whales' interest and confidence in PEPE following the breakout.
PEPE Outflow and Rising Open Interest
Data shows a significant outflow of $9.10 million in PEPE from exchanges since the breakout. Outflows indicate long-term holding and can suggest potential buying opportunities.
Traders' participation has also increased, with PEPE's open interest (OI) rising by 40%. This reflects heightened activity and the formation of new positions.
Current Price Momentum
At press time, PEPE is trading near $0.000025 and has gained over 16% in the past 24 hours. Its trading volume has increased by 110%, reflecting increased participation driven by the breakout.
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