The memecoin Pepe (PEPE) is showing signs of a bullish trend due to growing on-chain metrics and investor interest. Should it be on your radar?
PEPE and Its Rising Popularity
Pepe [PEPE], the third-largest memecoin by market capitalization, is signaling a potential bullish move. A bullish price pattern has emerged on the daily chart, drawing the attention of traders and investors alike.
While the overall cryptocurrency market remains uncertain, with top assets like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) gaining momentum, PEPE stands out as a promising asset. The growing interest from whales and large investors further underscores its potential for upward movement.
Bullish On-Chain Metrics for PEPE
Data from Coinglass reveals that during December 17, exchanges recorded a significant outflow of PEPE worth $15 million over the past 48 hours.
In the cryptocurrency world, outflows refer to the movement of assets from exchanges to private wallets, often indicating bullish momentum and potential buying opportunities. These movements are typically associated with long-term holders and whales.
On Binance, interest in PEPE is particularly strong. The PEPEUSDT Long/Short ratio currently stands at 4.15, reflecting a significant bias towards long positions. A total of 80.57% of top traders hold long positions, while only 19.43% are shorting.
Technical Analysis and Key Levels
According to an analysis by TradingView, PEPE has formed a descending triangle pattern on the 4-hour chart and is nearing a breakout. If the price breaks above $0.0000243 and closes a 4-hour candle above this level, there is a strong possibility of a 17% surge to $0.000028.
Additionally, the RSI (Relative Strength Index) remains below the overbought zone, suggesting there is still room for further price growth.
Summary: PEPE Poised for Growth
Combining on-chain metrics with technical analysis, PEPE is currently dominated by bulls, including traders and long-term holders. This could support a breakout from its price pattern and drive a 17% increase in the coming days.
At the time of writing, PEPE is trading at $0.0000235, reflecting a 1.5% increase during December 17. Trading volume has also risen by 15% over the same period, indicating growing interest from traders and investors in this memecoin.
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