Pepe [PEPE], the third-largest memecoin in the world by market capitalization, is experiencing growth as it forms a bullish price action pattern on the daily timeframe.

The overall cryptocurrency market capitalization seems uncertain, with leading assets like Bitcoin [BTC], Ethereum [ETH], and Ripple [XRP] experiencing significant upward momentum, while other assets continue to struggle.

In the uncertain cryptocurrency market context, PEPE appears promising as it attracts significant attention from cryptocurrency investors and whales, signaling a potential price rally.

In addition to increasing interest from investors, the bullish outlook for memecoins is further supported by on-chain metrics and price action.

Statistical Data on Price Increases on the $PEPE Chain

Data from Coinglass's PEPE Spot Inflow/Outflow metrics shows that exchanges have witnessed a significant outflow of PEPE amounting to $15 million in the past two trading days.

In the context of cryptocurrency, 'outflow' refers to the movement of assets from exchanges to wallet addresses, indicating potential bullish momentum and suggesting ideal buying opportunities.

However, the outflow metrics primarily consider the participation of long-term holders, whales, and investors. Additionally, traders on Binance have shown strong interest in memecoins. Currently, Binance's Long/Short ratio for PEPEUSDT is 4.15, indicating significant interest among traders.

Currently, 80.57% of top Binance traders hold long positions, while 19.43% hold short positions.

Technical Analysis and Key Levels

According to AMBCrypto's technical analysis, PEPE has formed a descending triangle pattern on the four-hour timeframe and is on the verge of a breakout. If PEPE escapes the pattern and closes a four-hour candle above $0.0000243, it is likely to surge 17% to reach $0.000028.

On the positive side, PEPE's Relative Strength Index (RSI) remains below the overbought zone, indicating that this asset has potential for price increases.

Combining these on-chain metrics, it seems that the bulls, including traders and long-term holders, currently dominate the memecoin space. This could support a breakout from the pattern and drive memecoins up by 17% in the coming days.

Currently, PEPE is trading near $0.0000235, having increased by over 1.5% in the past 24 hours. During the same period, trading volume increased by 15%, indicating growing participation from traders and investors amid PEPE's bullish outlook.

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