PEPE, the third largest meme coin on the market, is making waves with a price increase of more than 27% in the last two days. Following this impressive price increase, it seems that Arthur Hayes, the former CEO of BitMEX, could not resist joining the race.
Arthur Hayes' big gamble on PEPE
On September 27, 2024, blockchain analytics firm lookonchain revealed that Hayes withdrew 24.39 billion PEPE tokens from Binance, worth $252,680.
The large withdrawal of tokens from exchanges could be a signal that PEPE is about to start another strong rally in the coming days.
Current price momentum
PEPE is currently trading around $0.000001058, after a notable price increase of more than 17.2% in the past 24 hours. During the same period, PEPE's trading volume also jumped 40%, according to CoinMarketCap.
Technical Analysis and Important Levels of PEPE
According to technical analysis from TinTucBitcoin, PEPE is bullish and is expected to rise 30% in the coming days. This sentiment has just changed after breaking through the long-term bearish resistance and the horizontal level of $0.00000875.
Based on historical price momentum, after rising more than 27% in just two days, a minor correction is possible. However, in the long term, PEPE could rally strongly and reach $0.0000132 in the coming days.
On-chain metrics support PEPE's price increase
This positive outlook is further reinforced by on-chain indicators. According to blockchain analytics firm Coinglass, PEPEâs Long/Short ratio is 1.084, indicating strong bullish sentiment among traders.
Additionally, PEPE Open Interest is up 30% and continues to rise steadily. This surge is a sign that bulls may be building larger long positions than short positions.
However, investors and traders often combine rising open interest and a long/short ratio above 1 when building long positions. At this time, 51% of top traders hold long positions, while 48.09% hold short positions.
