Emergency alert! Set PEPE to skyrocket, eyes jump 45%
The popular and third largest meme coin Pepe (PEPE) is now getting a lot of attention from investors and traders after successfully completing the $0.00000875 level. On September 26, 2024, PEPE experienced a dramatic price increase, resulting in a successful split.
Current price momentum
As of writing, PEPE is trading at $0.00000908 and has experienced a price increase of over 8.5% in the last 24 hours. During the same period, trading volume jumped 22 percent as interest from investors and traders skyrocketed.
PEPE technical analysis and upcoming levels
However, this significant price jump changed the overall sentiment of PEPE. According to CoinPedia's technical analysis, Meme Coin looks very promising. Additionally, following the opening of the earlier descending trendline on September 23, 2024, PEPE breached the critical resistance level of $0.00000875, the last hurdle it faced.
With this distinction, PEPE cleared the way for the coming rally. Based on the historical price movement, there is a possibility that PEPE will rise by 45% to reach the level of $0.000013 in the coming days.
Additionally, Memcoin trades above the 200 exponential moving average (EMA) on a daily basis, indicating an uptrend.
PEPE Bullish On-Chain Metrics
This bullish thesis is further supported by chain metrics. PEPE's long/short ratio is currently at 1.066, the highest since August 2024, according to analyst firm CoinGlass.
Additionally, open interest in the futures has increased by 15% in the past 24 hours, indicating that traders are betting more on long positions. Currently, 51.65% of top PEPE traders hold long positions, while 48.35% hold short positions.
Combining all of these metrics on the chain, it looks like bulls are dominating the assets right now, which could help PEPE in the near future.
