PEPE rally not over yet: targeting 2024 highs
PEPE is approaching its highest trading levels in 2024 and a breakout of the current ascending triangle pattern is expected to reach 0.00001725. Despite falling 5.77% this month, PEPE has shown signs of recovery recently, rising 16.11% on the weekly chart.
technical analysis
PEPE is currently trading within a symmetrical triangle, with the upper and lower limits acting as support and resistance respectively. Recently, the coin rebounded from 0.00000701 to the resistance level of 0.00000876. A break above this resistance line will be key, with success likely to push prices towards the yearly high at 0.00001725 or the mid-term target at 0.00001307. If it fails to break through, it may fall back to the support line at 0.00000701 to gather strength.
market sentiment
Both whales and retail investors are strategically accumulating PEPE, with open interest growing significantly, from $95.68 million on September 23 to $114.39 million on the 25th. This reflects the market's growing interest in PEPE. At the same time, PEPE outflows from exchanges are also increasing, indicating that investors are confident in holding the asset for the long term.
bullish indicators
The Relative Strength Index (RSI) is currently at 56.75, indicating an uptrend, which usually indicates that price increases may follow. Overall, PEPE is expected to achieve a greater rebound after the breakthrough.
