PEPE investors were in high spirits last week, as the memecoin surged by more than 21% over the past seven days, with an additional 5% increase in the last 24 hours. As a result, the price of PEPE has now pushed toward a critical resistance level, creating excitement among traders who believe a potential breakout could trigger a 200% price surge in the near future. With over 243,500 PEPE holders already sitting in profit, the memecoin is gaining attention for its potential to deliver huge returns in the coming months.
PEPE's recent price uptick is a reflection of the growing bullish sentiment among investors. As of the latest data, PEPE is trading at $0.00001098, marking a significant gain for those who entered the market earlier. The surge has led to more than 77% of all PEPE addresses (over 243,500) being in profit, according to data from IntoTheBlock. This means a majority of holders are experiencing positive returns, which may encourage more buying pressure if the momentum continues.
In addition to the general price uptick, the formation of a bullish pennant pattern on PEPE’s chart has raised expectations of a breakout. This pattern, which has been consolidating since March, typically signals a potential price rally if the price breaks above the upper trendline. PEPE is now testing the critical resistance level of this pattern, and a successful breakout could lead to a sharp upward movement, with some analysts predicting a 200% rise in the coming months.
The bullish pennant pattern has been forming on PEPE’s chart for several months. A pennant typically forms after a strong price surge, followed by a period of consolidation, and is characterized by converging trendlines. When the price eventually breaks above the upper resistance, it often leads to a significant rally.
Crypto analyst World Of Charts tweeted about the ongoing formation of this pattern, highlighting its potential for a breakout. As PEPE continues to test the resistance of the bullish pennant, many traders are closely monitoring the chart, anticipating that a breakout could occur soon.
To evaluate the likelihood of a breakout, AMBCrypto analyzed the latest on-chain data from Santiment, a leading provider of crypto market intelligence. The data indicates growing buying pressure on PEPE, as evidenced by a notable rise in the coin’s supply outside of exchanges and a decline in its supply on exchanges. This shift suggests that investors are increasingly holding onto their PEPE tokens in anticipation of a price rise, rather than selling them, which is a typical sign of bullish sentiment.
In addition, the decline in the supply of PEPE on exchanges implies that fewer investors are looking to sell or trade the coin in the short term, indicating a positive outlook for its price. The combination of strong chart patterns and on-chain data points to a high probability of a bullish breakout, with the potential for significant gains.
As PEPE continues to hover near its key resistance level, all eyes are on the memecoin’s next move. If the price manages to break above the upper trendline of the bullish pennant, a strong price surge could follow. Experts suggest that a 200% price increase is within the realm of possibility if the breakout materializes, making PEPE one of the most exciting altcoins to watch in the near future.
Investors should be aware, however, that while the technical and on-chain indicators are positive, cryptocurrency markets are inherently volatile. As with any investment, caution is advised, and traders should monitor the market closely for any signs of reversal or resistance.
PEPE’s recent price action, coupled with a bullish pennant pattern and strong on-chain metrics, has set the stage for a potential breakout. With over 77% of holders in profit and buying pressure increasing, the memecoin is positioning itself for what could be a 200% surge if the breakout occurs. For traders looking for high-risk, high-reward opportunities, PEPE offers a compelling case as one of the most interesting memecoins to watch in the coming weeks.
November 2024, Cryptoniteuae