PEPE is standing in front of a key resistance level, which may indicate a strong rebound of 300% if the bullish momentum continues
As the PEPE token has come under the close attention of traders and analysts after breaking through important support levels, its recent September lows have not dampened the market's optimistic expectations for a sharp rebound. Captain Faibik, a well-known analyst in the cryptocurrency field, was even more outspoken, believing that PEPE is in the stage of accumulating strength, preparing for a spectacular rise in the fourth quarter of 2024. He optimistically predicted: "$PEPE is still accumulating strength in a bullish symmetrical triangle, and I remain optimistic about its prospects... I expect a strong rebound of more than +300% in the fourth quarter."
Currently, PEPE is trading at $0.057447, with a trading volume exceeding the $1.1 billion mark in the past 24 hours, accompanied by a 5.03% increase, showing the vitality of the market. Despite a slight decline (1.26%) in the past week, investors' enthusiasm for the future trend of PEPE has not diminished.
It is worth noting that the price dynamics of PEPE are closely linked to futures market activities. According to the latest liquidation chart from Coinglass, short-term liquidation leverage is much higher than long-term, which means that if the price rises, about $20 million of short positions will face liquidation risk. This imbalance may generate strong upward momentum, as the short liquidation wave may further push up the price of PEPE, and futures traders need to remain highly vigilant.
In terms of trading activity and market sentiment, IntoTheBlock data shows that PEPE's trading activity fluctuated in early September, but remained stable overall. The increase in the number of large transactions (such as 217 on September 6) reflects the market's continued attention to PEPE. At the same time, the continued growth in the number of PEPE addresses (reaching 318k, with 585 new addresses added in a week) and the increase in the proportion of active addresses (6.54%) both indicate that despite price fluctuations, the user base is steadily expanding. However, the slowdown in the creation of new addresses (13.84%) also reveals subtle changes in market sentiment.
From a technical analysis perspective, PEPE is struggling to recover from its recent decline. On its daily chart, the coin is attempting to break through two key resistance levels – 50-day EM (0.00000839) and 100-day EMA (0.00000897). A successful break above these levels will be an important sign of a bullish reversal, otherwise there could be a risk of price stagnation or further declines.
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