With the bullish momentum within the symmetrical triangle pattern strengthening, will the wild ‘dark horse’ PEPE that rebounded crazily in June embark on its soaring journey again? To what extent will its increase be? Once Bitcoin breaks the $73,000 mark, the cryptocurrency market will welcome an influx of capital.
Driven by this new momentum, the highly volatile meme coin sector has also become active, especially the frog-themed meme coin, which has risen 2.46% in the past 24 hours and is challenging resistance levels not seen in four months. However, will there be one last drop before PEPE coin experiences a significant rebound? As it stands, PEPE's trend remains strong. According to data, the weighted funding rate of open interest has recently surged to $0.0139, indicating that buyers are willing to pay higher prices to maintain their long positions, reflecting extremely strong bullish sentiment in the market, with buyers confident about price increases.
Additionally, the open interest in futures contracts has also recovered, rising from $60.566 million recently to $132.7 million now, an increase of up to 119%. The rise in open interest levels typically indicates an increase in trading activity, which will intensify market volatility.
However, the ADX (Average Directional Index) shows that while PEPE's upward trend still exists, its intensity is not as strong as before. During the recent price increase, the ADX climbed above 50, indicating a strong upward trend, but it has now dropped to 37, showing that the market may be cooling down and the upward trend is weakening. This may signal that the market is entering a phase of slowdown or consolidation.
However, PEPE's Relative Strength Index (RSI) has risen from 36 a day ago to 57.39, a significant increase that indicates growing market buying interest and momentum. The rapid rise of the RSI also reflects that market sentiment is shifting from neutral to bullish. Furthermore, the current RSI value is well below the overbought threshold, meaning there is still room for price increases without immediately facing the risk of excessive expansion.
Regarding price predictions, if the short-term EMA line of PEPE crosses the long-term EMA line to form a golden cross, this could be a bullish signal indicating that the price trend of PEPE may change. If this happens, PEPE's price may continue to rise, first breaking through $0.00001082, then rising to $0.00001198, with an increase potentially reaching 25%. Of course, if the upward trend fails, the price could also fall to the support level of $0.00000881 or even $0.00000773.
Currently, the price of PEPE coin mainly fluctuates between two converging trend lines on the daily chart, forming a bullish continuation pattern known as a symmetrical triangle. Theoretically, the convergence of these trend lines may provide a brief breakout for the current trend, allowing it to build momentum before the next trend arrives.
If history repeats itself, the bottom support is expected to enhance PEPE's upward momentum, pushing its price up nearly 17% to challenge the resistance above. If this upward trend line is successfully converted into a potential support level, PEPE's price could rise to $0.000012, achieving an increase of nearly 30%.
