Pepe [PEPE], the third-largest memecoin globally based on market capitalization, is showing signs of upward movement as it has formed a bullish pattern on the daily timeframe.
The general cryptocurrency market situation is uncertain, with major assets like Bitcoin [BTC], Ethereum [ETH], and Ripple [XRP] seeing significant upward trends, while others are facing challenges.
Amidst the uncertain cryptocurrency market conditions, PEPE seems promising, attracting attention from cryptocurrency investors and large holders, suggesting a potential increase in value.
Aside from growing investor interest, the positive outlook for this memecoin is further confirmed by its on-chain performance and price movement.
PEPE’s Bullish On-Chain Indicators
Information from Coinglass’s PEPE Spot Inflow/Outflow data indicates that exchanges have observed a substantial outflow of $15 million PEPE over the last two trading days.
When discussing cryptocurrencies, “outflow” denotes the movement of assets from exchanges to wallet addresses, signaling potential upward momentum and providing a good buying opportunity.
Nevertheless, outflow indicators primarily reflect the involvement of long-term holders, large holders, and investors. Additionally, traders using Binance are showing notable interest in PEPE, with Binance’s PEPEUSDT Long/Short Ratio currently at 4.15, demonstrating significant trader interest.
Presently, 80.57% of leading Binance traders are holding long positions, while 19.43% are holding short positions.
Technical Analysis and Significant Levels
Based on CryptoCrypto’s technical analysis, PEPE has created a descending triangle pattern on the four-hour timeframe and is nearing a potential breakout. If PEPE breaks out of the pattern and achieves a four-hour candle close above the $0.0000243 level, there is a high likelihood that it could surge by 17% to hit $0.000028.
Encouragingly, PEPE’s Relative Strength Index (RSI) remains below the overbought territory, suggesting there is room for an upward surge in the asset’s value.
Considering these on-chain indicators, it seems that bulls – encompassing traders and long-term holders – are currently in control of the memecoin. This trend could facilitate a breakout from the pattern, propelling the memecoin by 17% in the upcoming days.
At present, PEPE is trading around $0.0000235, having experienced a price increase of over 1.5% in the last 24 hours.
Within the same timeframe, trading volume has risen by 15%, indicating heightened involvement from traders and investors given PEPE’s positive prospects.