Amidst recent developments, the renowned memecoin PEPE seems to be gearing up for a notable price upswing as a result of a bullish formation it recently showcased. Furthermore, its on-chain indicators are currently signaling positive market sentiments.
The bullish turnaround comes in the wake of PEPE experiencing a significant price drop of more than 28% in the past few days. Following these events and various contributing factors, it is anticipated that PEPE could be on the brink of an upward trend on the price charts.
PEPE Technical Overview and Crucial Levels
As per the technical analysis conducted by CryptoCrypto, PEPE has successfully retested the breakout of its descending trendline. This has led to the formation of a bullish engulfing candlestick at the 200 EMA and a support level of $0.0000085 – a favorable indication for PEPE holders.
Given its recent price performances, there exists a strong likelihood that PEPE might surge by 35% to attain the level of 0.0000125 in the upcoming days. Moreover, the memecoin is currently trading above the 200 EMA, signaling an upward trend, while its Relative Strength Index (RSI) also hints at a potential bullish rally.
Positive On-Chain Indicators for PEPE
The positive outlook for PEPE is further bolstered by its on-chain metrics. For instance, Coinglass’s Long/Short ratio for PEPE stood at 1.062, underscoring a prevailing bullish sentiment within traders.
Furthermore, there has been a notable 15% surge in PEPE’s Futures Open Interest over the past 24 hours, complemented by a 7.65% increase in the last four hours. This upturn in Open Interest underscores the growing belief and confidence among traders regarding an imminent price uptick.
Traders and investors typically observe a combination of rising Open Interest and a long/short ratio above 1 as indicators to back long positions. Presently, 51.51% of the top traders are in long positions, while 48.49% are in short positions.
Additionally, PEPE’s OI-weighted funding rate displayed positivity, with its value standing at 0.0149%. This signifies that long positions have been compensating shorts – indicating further bullish sentiment.
Current Price Momentum
As of now, PEPE is being traded around $0.0000094, having surged by more than 4.5% in the past 24 hours. However, during the same timeframe, its trading volume saw a decline of 7.5%, suggesting reduced engagement from traders and investors.
Alongside PEPE, other prominent memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and dogwifhat (WIF) also witnessed positive price movements in the last 24 hours. Undoubtedly, the recent trading sessions have been favorable for the memecoin market as a whole.