[PEPE coin is unstoppable and approaching a new high in 2024]
Recently, PEPE (Pepe coin) has shown an amazing rise in the market, breaking through a long period of consolidation deadlock in one fell swoop. Its strong performance has made many cryptocurrency investors shine. PEPE has not only successfully surpassed popular meme coins such as Dogecoin and Shiba Inu, but also become a shining star in the current market.
Symmetrical triangle appears, breakthrough is imminent
Currently, PEPE coin is in a symmetrical triangle consolidation pattern, which is composed of gradually converging support and resistance lines, indicating that the market is brewing a change. Recently, PEPE has rebounded strongly from the important support level of 0.00000701, pointing directly to the resistance level of 0.00000876 on the upper edge of the triangle. It is worth noting that this resistance level also coincides with another key level, further highlighting its breakthrough difficulty and potential upside space.
If PEPE can successfully break through this key resistance, its price is expected to usher in a new round of leaps, pointing directly to the 2024 high of 0.00001725, or at least reaching the median target of 0.00001307. However, if it fails to break through as expected, it may return to the support level of 0.00000701 or the lower edge of the triangle, accumulating strength for the next offensive.
Technical analysis outlook is optimistic
From a technical point of view, the price fluctuation range of PEPE has been effectively expanded, and it has shown a strong willingness to attack. Key indicators such as the money flow index (MFI) and accumulation/distribution (A/D) all show that the market buying power is increasing, providing strong support for the further rise of PEPE. In terms of market sentiment, the optimistic atmosphere around PEPE is becoming more and more intense, and many investors predict that a bull market will usher in.
On-chain data confirms the rebound signal
In-depth analysis of on-chain data, we can find more clues that PEPE is about to rebound. According to data from Coinglass and other sources, both whale investors and retail investors are actively increasing their holdings of PEPE and opening a large number of long positions. The surge in the number of open contracts - from $95.68 million on September 23 to $114.39 million on September 25 - directly reflects the strong interest of market participants in PEPE.
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