With the strengthening bullish momentum within the symmetrical triangle pattern, will PEPE, the 'dark horse' that made a crazy rebound in June, start its ascent again? How much will it rise this time? Once Bitcoin breaks the $73,000 barrier, the cryptocurrency market will welcome a surge of funds.
Driven by this new momentum, the highly volatile meme coin sector has also started to become active, especially the frog-themed meme coin, which has risen by 2.46% in the past 24 hours and is challenging resistance levels not seen in four months. However, before a significant rebound in PEPE, will there be one last drop? Currently, the trend for PEPE remains strong. According to the data, the weighted funding rate of open interest has recently surged to $0.0139, indicating that buyers are willing to pay higher prices to maintain their long positions, reflecting strong bullish sentiment in the market and buyer confidence in price increases.
Additionally, open interest in futures contracts is also reviving, rising from $60.566 million recently to now $132.7 million, an increase of 119%. The rise in open interest levels typically indicates an increase in trading activity, which will intensify market volatility.
However, the ADX (Average Directional Index) shows that although PEPE's upward trend still exists, its strength is not as strong as before. During the recent price increase, the ADX rose above 50, indicating a strong upward trend, but it has now fallen to 37, suggesting that the market may be cooling off and the upward trend is weakening. This may signal that the market is entering a phase of slowdown or consolidation.
However, PEPE's Relative Strength Index (RSI) has risen from 36 a day ago to 57.39, this significant increase indicates that market buying interest and momentum are strengthening. The rapid rise of the RSI also reflects that market sentiment is shifting from neutral to bullish. Furthermore, the current RSI value is still far below the overbought threshold, meaning there is still room for prices to continue rising without immediately facing the risk of excessive expansion.
Regarding price prediction, if the short-term EMA crosses the long-term EMA to form a golden cross, this could be a bullish signal indicating a potential trend reversal for PEPE's price. If this happens, PEPE's price could continue to rise, first breaking $0.00001082, then climbing to $0.00001198, with a potential increase of 25%. Of course, if the upward trend fails, the price could also fall to the support level of $0.00000881 or even $0.00000773.
Currently, the price of PEPE is mainly fluctuating between two converging trend lines on the daily chart, forming a bullish continuation pattern known as a symmetrical triangle. Theoretically, the convergence of these trend lines may provide a brief breakout for the current trend, allowing it to accumulate momentum before the next trend arrives.
If history repeats itself, the bottom support is expected to enhance the upward momentum of PEPE's price, pushing it up nearly 17% to challenge the resistance above. If the upper trend line is successfully converted into a potential support level, PEPE's price could rise to $0.000012, achieving nearly a 30% growth.
