Pepe’s current price action is sending bullish signals, with a potential upside of 68%.

While its performance is not as impressive as other top cryptocurrencies, the market is clearly divided: some investors are bullish, while others are pessimistic.

Despite the upcoming free listing of Pepe Coin on Hong Kong’s HashKey exchange, the price is still struggling against major resistance. During the London trading session, the price of PEPE hovered at $0.00000785, up 1.3% in the past 24 hours.

The Game Between Whales and Retail Investors

Pepe’s price is stagnant mainly due to the game between large holders and retail investors. Data shows that while whales are accumulating PEPE and are optimistic about its future performance, retail investors are more pessimistic about the asset.

According to Coinglass data, while the decline in open interest (OI) has led to a rise in prices, it also means that traders are closing short positions. In this case, the closing of short positions usually turns into the opening of long positions, but current data shows that this may not be the case.

Price Action and Bullish Signals

The Pepe price chart shows a falling wedge pattern, which is usually a bullish reversal signal, especially when the price breaks above the resistance level of the wedge. Currently, the price of PEPE is facing resistance at $0.00000836 near the 200 EMA. If it breaks above this level, the price may complete a double bottom reversal with a gain of 68% and a target price of $0.00001200 or even rise to $0.00001800.

The overbought Stochastic RSI reached 95.50, which may lead to short-term selling pressure or a pullback, which explains why some traders are on the sidelines of the meme coin. However, in a strong uptrend, the overbought condition may persist for a longer period of time.

If PEPE fails to break out and stay above the 200 EMA, the price may fall further to $0.00000700 and may even fall below $0.00000477. This will invalidate the current bullish argument and turn it bearish.

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