#pepe⚡
Analysts say Pepe price could see ‘super bullish breakout’
This week, Pepe’s price surged, helped by Bitcoin’s rebound from this month’s low of $53,700 to over $65,000.
Pepe Token
PEPE
+13.75%
The Pepe token bottomed out at $0.00000767 on July 5, but has since surged 57% to trade at $0.000012 on Thursday, its highest level since June 28.
Analysts optimistic about Pepe’s price
Analysts are optimistic about Pepe’s price action, noting that it has become the most actively traded meme coin. Data shows that Pepe’s trading volume surged to over $1.2 billion on Thursday, surpassing Dogecoin’s $734 million and Shiba Inu’s $814 million.
Additional data from Coinglass shows that open interest in Pepe futures has risen to its highest point since June 7, reaching $148 million, mainly concentrated on OKX and Bitget. Open interest is often a good predictor of cryptocurrency price action.
Meanwhile, some big whales are still buying Pepe, a sign of confidence that it will rebound. On Thursday, one big whale bought 1.39 trillion Pepe tokens worth $16.7 million.
This week, another big whale bought 44.9 billion Pepe tokens, while another bought 28.3 billion. Accumulation by big whales is often a positive sign for cryptocurrencies. Another analyst noted that Pepe is about to see a “super bullish breakout.”
Bitcoin Price Prediction
The bullish analysis on Pepe coincides with more predictions for Bitcoin. In the X post, Ki Young Ju noted that stablecoin inflows have grown, pushing its market cap to a record high of over $135 billion. The growth of stablecoins is another positive sign, as these tokens are used to buy cryptocurrencies.
As previously reported, another analyst predicted that the Bitcoin price will rise to $220,000. He cited the end of the Bitcoin miner capitulation wave that has been ongoing over the past few weeks.
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