Pepe (PEPE) Rally Begins, 38% More Surge Expected
Popular crypto meme coin Pepe (PEPE) has shown its intention to surge higher after breaking out of a long-term consolidation and bullish price action. As well as major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), PEPE’s price surged significantly by more than 10%, breaking through resistance it has faced since early December 2024.
PEPE Technical Analysis and Upcoming Levels
With today’s price surge, PEPE has broken out of a descending triangle price action pattern and cleared the way for a significant move higher, according to CoinPedia’s technical analysis. However, this breakout amid the current bullish market sentiment is more beneficial for PEPE holders.
Based on recent price action and historical price momentum, if PEPE maintains its gains and closes above the $0.000020 level, it could surge 38% to the $0.000027 mark in the coming days.
Currently, PEPE is trading above the 200 exponential moving average (EMA) on the daily chart, indicating an uptrend. Meanwhile, despite its significant rise, its relative strength index (RSI) remains below overbought territory, suggesting the asset has plenty of room to surge in the coming days.
Current Price Momentum
Today, January 17, 2025, the price of Meme coin has increased significantly and is trading close to the $0.000020 mark. Furthermore, given its impressive price momentum and bullish outlook, traders and investors have shown strong interest and confidence in the meme coin, resulting in a 30% surge in trading volume.
Bullish on-chain indicators
However, traders appear to be more optimistic about meme coins, reports on-chain analytics firm coin glass. The data shows that traders’ leverage is seriously too high, with a lower limit of $0.000019 and an upper limit of $0.00002044.
At these two levels, bulls have established long positions worth $6.7 million and bears have established short positions worth $2.25 million, which will be close to being liquidated if the PEPE price breaks through these levels.
Additionally, traders’ open positions appear to be continuing to rise. According to CoinGlass data, PEPE’s open interest (OI) has surged 15% in the past 24 hours, indicating that bulls are back in the market.
