PEPE, currently ranked as the third-largest memecoin in the market, has been causing a stir in the cryptocurrency sphere by experiencing a notable price surge of more than 27% over the past 48 hours. Despite the impressive performance of PEPE, it appears that Arthur Hayes, the former CEO of BitMEX, has decided to join the rally.
Arthur Hayes’s Significant Investment in PEPE
On September 27, 2024, the blockchain analytics company lookonchain disclosed that Hayes had withdrawn a substantial 24.39 billion PEPE tokens valued at $252,680 from the Binance exchange.
This sizeable withdrawal could indicate that PEPE’s upward momentum might be just getting started and could potentially witness a significant surge in the coming days.
Current Price Momentum of PEPE
As of the latest update, PEPE was hovering around the $0.000001058 mark, displaying a remarkable price increase of more than 17.2% within the past 24 hours. During the same period, its trading volume surged by 40%, as reported by CoinMarketCap.
Technical Analysis and Key Levels for PEPE
According to the technical analysis conducted by CryptoCrypto, PEPE appears to be in a bullish phase and shows signs of gearing up for a 30% rally in the near future. This sentiment recently shifted following its breakout from the extended descending trendline and the crucial horizontal level at $0.00000875.
Considering the historical price movements, a minor price correction might be on the horizon after the rapid 27% surge over two days. Nevertheless, over an extended period, PEPE could maintain its bullish stance and potentially surge by 30% to hit the $0.0000132 level soon.
PEPE’s Optimistic On-Chain Metrics
These positive projections received further backing from on-chain metrics. Coinglass, an on-chain analytics firm, reported that PEPE’s Long/Short ratio stood at 1.084, indicating a prevailing bullish sentiment among traders.
Moreover, its Futures Open Interest witnessed a 30% increase, showing a consistent upward trend. The significant uptick in PEPE’s Open Interest suggests that bullish investors might be establishing larger long positions compared to short ones.
Traders and investors typically consider the combination of rising Open Interest and a long/short ratio exceeding 1 as favorable indicators for building long positions. Currently, 51% of top traders have taken long positions, while 48.09% have opted for short positions.