PEPE broke the bullish flag pattern, traders eye 65% rally
PEPE, the world's third largest cryptocurrencies, is poised for a major bull run as it breaks out of a bullish price action pattern. Following this upheaval, the last few hours have seen heavy participation from traders and investors.
Traders and Whales Fuel PEPE's Breakout Momentum
PEPE's open interest (OI) increased by 13.56% in the last four hours and by 5.6% in the last hour. This growing OI indicates an increase in merchant interest in the meme coin.
Along with traders, whales and institutions appear to be more engaged, leading to higher transaction volumes, according to on-chain analytics firm IntoTheBlock.
PEPE technical analysis and upcoming levels
According to CoinPedia's technical analysis, PEPE has broken out of bullish flag and pole price action on the four-hour time frame. In technical analysis, a flag and pole breakout is considered a strong bullish signal, often prompting traders and investors to initiate trades following its occurrence.
Based on recent price action and historical momentum, if PEPE successfully closes the four-hour candle above the $0.0000222 level, there is a 65% chance of a 65% rally to the $0.000036 level in the coming days.
However, PEPE's bullish thesis will only work if the mem coin closes the four-hour candlestick above the specified level, otherwise it may fail.
Currently, Memcoin is trading above the 200 exponential moving average (EMA) on both the four-hour and daily timeframes. Meanwhile, its Relative Strength Index (RSI) indicates a possible rally in the coming days.
Current price momentum
At press time, PEPE is trading at around $0.000020 and has experienced a price increase of over 5.10% in the last 24 hours. During the same period, the transaction volume increased by 18 percent.
