Pepe price could form a āsuper bullish breakoutā, analyst says #PEPE_EXPERT
Pepeās price has surged this week, driven by Bitcoinās recovery from this monthās low of $53,700 to over $65,000.
The PEPE Pepe
13.75%
Pepe token bottomed at $0.00000767 on July 5 but has since gained 57% to trade at $0.000012 on Thursday, marking its highest level since June 28th.
Analysts are bullish on Pepe price
Analysts are optimistic about Pepeās price movement, noting that it has become the most actively traded meme coin. Data indicates that Pepeās trading volume rose to over $1.2 billion on Thursday, surpassing Dogecoinās $734 million and Shiba Inuās $814 million.
Additional data from Coinglass shows that open interest in Pepe futures has increased to its highest point since June 7, reaching $148 million, primarily on OKX and Bitget. Open interest is often a good predictor of cryptocurrency price movements.
Meanwhile, some whales are still buying Pepe, which is a sign of confidence that it will bounce back. One whale bought 1.39 trillion Pepe tokens worth $16.7 million on Thursday.
Another whale bought 44.9 billion Pepe tokens while another one acquired 28.3 billion of them this week. Whale accumulation is often a positive move for a cryptocurrency. Another analyst noted that Pepe was about to form a āsuper bullish breakout.ā
Bitcoin price forecasts
The bullish analysis on Pepe coincides with more estimates on Bitcoin. In an X post, Ki Young Ju noted that stablecoin inflows has grown, pushing their market caps to a record high of over $135 billion. Stablecoin growth is another positive sign since these coins are used to buy cryptocurrencies.
As was reported earlier, another analyst has predicted that Bitcoin price will rise to $220,000. He cited the upcoming conclusion of Bitcoin miner capitulation that has been going on in the past few weeks. #ETH_ETFs_Approval_Predictions #PEPE_EXPERT