PEPE Price Could Surge 50% This Week đž
On August 8, 2024, the cryptocurrency market showed strong bullish momentum, with major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experiencing significant gains. Amid this uptrend, Pepe (PEPE), the third-largest meme coin, has garnered considerable attention as its chart suggests a potential bullish breakout.
A prominent trader on X (formerly Twitter) highlighted a similar situation in April 2024 when PEPE saw a massive rally after breaking out of a consolidation zone. Currently, PEPE is trading around $0.0000081, up over 7% in the last 24 hours, although trading volume has decreased by 11%, indicating some trader hesitation.
PEPE's open interest (OI) has risen by 8% in the last four hours and by 3% in the last 24 hours, as reported by CoinGlass. Technical analysis suggests PEPE is nearing a crucial resistance level at $0.0000084, close to the 200-day Exponential Moving Average (EMA). The coin has been consolidating between $0.0000069 and $0.00000822 for four days, signaling a possible breakout.
If PEPE breaks out of its current range and resistance level, it could potentially surge by 50% to reach $0.0000126 or higher. The key consolidation zone is between $0.0000077 and $0.00000848. A breakout to the upside could liquidate $860K worth of short positions, while a drop below $0.0000077 might result in the liquidation of $5 million in long positions, highlighting the dominance of bullish sentiment.
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