The cryptocurrency market is no stranger to wild price fluctuations, and the Ethereum-based memecoin PEPE appears to be gearing up for its own explosive leap. A combination of technical, on-chain, and sentiment factors suggests that PEPE may soon break out of its consolidation phase and deliver gains of up to 200%. Let's explore the signals indicating this potential increase and what traders should pay attention to in the coming days.
Whales are on the move: Accumulating $341 million
One of the most standout indicators of PEPE's breakout potential is the quietly yet consistently accumulating position of cryptocurrency whales. Since November 13, these large-scale investors have purchased over $341 million worth of PEPE tokens. Moreover, this accumulation trend comes alongside a decrease in tokens held on exchanges, often a precursor to significant price rallies. By moving their holdings into private wallets, whales signal long-term bullish sentiment, helping to alleviate selling pressure and setting the stage for supply shock if demand surges.
Bullish pattern chart signals a takeoff
An important technical pattern on the PEPE chart is the formation of a classic flag and pole setup, a reliable indicator of an impending price increase. The pole represents the previous rally, while the flag indicates the consolidation phase.
The current battle revolves around the important resistance level of $0.0000216. A decisive break above this level could unlock rapid gains, with the next major target being $0.000060. This leap would represent an astonishing 200% increase from the current level.
Technical indicators: There’s still plenty of room to run
PEPE's relative strength index (RSI) currently hovers at 62, well below the overbought threshold of 70. This suggests that there is still ample room for price to continue rising without risking overheating the market.
Furthermore, this token has demonstrated resilience, holding above key support levels despite a minor pullback and decreased trading volume in the last 24 hours. These signals reinforce the narrative that PEPE's recent pause in price action is simply the calm before the storm.
Liquidation levels fuel the bullish rally
PEPE's liquidation data provides further insights into its potential trajectory. Key levels include $0.0000199 for long liquidations and $0.00002143 for short liquidations. If this token surpasses the resistance level of $0.0000216, it could trigger a series of short-covering events, amplifying bullish momentum.
This price compression will attract sidelined buyers and could potentially propel PEPE towards its next target at an unprecedented pace.
Stable sentiment amidst a quiet market
Although trading volume decreased by 15% and the price modestly dropped by 1.10% in the last 24 hours, PEPE still maintains a steady upward momentum on key support levels. Whale activity, along with strong on-chain metrics, suggests that this token is building a foundation for its next big move.
The current consolidation phase is a typical precursor to a breakout, and the alignment of various bullish factors makes PEPE one of the stocks to watch closely.
Why now is important for PEPE
With the current price at $0.00002097, PEPE is at a crucial juncture. The battle between buyers and sellers is intensifying, and breaking above $0.0000216 could ignite an exponential rally. With whales accumulating, technical indicators flashing bullish signals, and market sentiment remaining strong, the stage is set for PEPE to deliver significant upside potential.
What traders should do next
For investors and traders, the coming days could be very significant. Closely monitoring the $0.0000216 level is essential. A breakthrough above this resistance could signal the start of a substantial rally, while failing to hold above support could delay the bullish surge.
The memecoin market is thriving thanks to growth momentum, and PEPE seems ready to capitalize. Whether you are a long-term holder or a short-term trader, the potential rewards of continuing to engage with PEPE at this critical time are very appealing.