Popular meme coin Pepe (PEPE) is gearing up for a notable rally, as crypto experts and on-chain metrics share a positive outlook. Amid this ongoing recovery, a crypto expert shared a post on X (formerly Twitter) that PEPE’s current price is approaching a dip buying opportunity, as it is nearing the 50% Fibonacci retracement level.

Buy the discount opportunity for PEPE?

This post on X has attracted significant attention from crypto enthusiasts. At press time, PEPE is trading near $0.00001039 and has seen a price increase of more than 3.5% over the past 24 hours. During the same period, its trading volume has increased by 12%, indicating higher participation from traders and investors compared to previous days, possibly due to the market recovery.

PEPE Technical Analysis and Upcoming Levels

According to the expert technical analysis, PEPE looks bullish and is preparing for a notable rally. Based on the recent performance, if PEPE gains a slight gain and closes the daily candle above $0.000011, there is a high possibility that it could surge 22% to $0.0000134 in the coming days.

Source: Trading View

As of now, PEPE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Additionally, its Relative Strength Index (RSI) suggests upside potential, as its value is currently in the oversold zone.

PEPE's On-Chain Price Growth Metrics

PEPE’s positive outlook is further supported by on-chain metrics. According to on-chain analytics firm Coinglass, PEPE’s Long/Short ratio is currently at 1.026, indicating strong sentiment among traders. Additionally, its futures open interest has increased by 5.1% in the past 24 hours and is steadily increasing. This increase in open interest indicates increased interest from investors and traders in the meme coin.

Source: Coinglass

Aside from PEPE, it seems like the entire crypto meme industry is also trending positively, as meme coins like Popcat (POPCAT), Dogecoin (DOGE), and Floki (FLOKI) have seen significant price increases over the past 24 hours.

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