Pepe (PEPE), the popular crypto meme coin, has shown its intention for a massive rally following the breakout from prolonged consolidation and bullish price action. Along with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), PEPE experienced a notable price surge of over 10% and broke the resistance it had been facing since the beginning of December 2024.
Pepe (PEPE) Technical Analysis and Upcoming Level
According to CoinPedia’s technical analysis, PEPE, with today’s price surge, has broken out of a descending triangle price action pattern and cleared its path for a massive rally. However, this breakout during the current bullish market sentiment is more favorable for PEPE holders.
Based on the recent price action and historical price momentum, if PEPE holds its gain and closes a daily candle above the $0.000020 level, it could soar by 38% to reach the $0.000027 mark in the coming days.
At present, PEPE is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) is still below the overbought zone despite a notable gain, suggesting that the asset has enough room to soar in the coming days.
Current Price Momentum
Today, January 17, 2025, with an impressive price surge, the meme coin is trading near the $0.000020 mark. Additionally, considering its impressive price momentum and bullish outlook, traders and investors have shown strong interest and confidence in the meme coin, resulting in a 30% jump in trading volume.
Bullish On-Chain Metrics
However, traders seem to be more optimistic about the meme coin, as reported by the on-chain analytics firm CoinGlass. Data revealed that traders are strongly over-leveraged at the $0.000019 level on the lower side and $0.00002044 on the upper side.
These two levels are where bulls have built $6.70 million worth of long positions and short sellers have built $2.25 million worth of short positions, which are close to being liquidated if the PEPE price crosses these levels.
Additionally, traders’ open positions seem to be continuously rising. According to CoinGlass data, PEPE’s open interest (OI) has surged by 15% in the past 24 hours, indicating that bulls are back in the market.
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