Pepe set for 17% surge: Should traders go long?

PEPE could soar by 17% to reach the $0.000028 level if it closes a four-hour candle above the $0.0000243 level.
80.57% of top Binance traders currently hold long positions, while 19.43% hold short positions.

As a seasoned researcher with years of experience in the tumultuous world of cryptocurrencies, I find myself intrigued by the current state of affairs surrounding Pepe [PEPE]. With my trusty charts and on-chain metrics as my guides, I can’t help but feel that we might be on the precipice of a significant upside rally for this memecoin.

On the daily charts, PEPE, known as the third-largest meme coin globally in terms of market capitalization, shows signs of potential growth. It has recently exhibited a bullish price movement pattern, hinting at an upward trend.

The total value of all cryptocurrencies seems unpredictable at the moment, as leading currencies such as Bitcoin, Ethereum, and Ripple are showing strong upward movements, whereas many other cryptos face ongoing difficulties.

In the volatile world of digital currencies, the PEPE token stands out as an intriguing prospect due to its growing popularity among crypto enthusiasts and large-scale investors, suggesting a possible surge in value.

Beyond growing investor enthusiasm, the positive trajectory of this meme coin is also bolstered by relevant data from blockchain activities and market trends.

PEPE’s bullish on-chain metrics

According to data from Coinglass, a company specializing in on-chain analysis, there has been a substantial outflow of approximately $15 million in PEPE tokens from exchanges over the last two trading days.

In terms of cryptocurrencies, when we talk about “outflow,” it means that digital assets are being transferred from exchange platforms to individual wallets. This action could signal a positive trend and might be a sign of a good buying opportunity because it often indicates potential growth or upward momentum.

Instead, let’s focus on how outflow metrics predominantly reflect involvement from long-term investors, whales, and holders. Moreover, it’s worth noting that traders on Binance have demonstrated a notable enthusiasm for the memecoin. At present, Binance’s PEPEUSDT Long/Short Ratio is 4.15, suggesting robust interest among traders in this asset.

Currently, 80.57% of top Binance traders hold long positions, while 19.43% hold short positions.

Technical analysis and key levels

Based on technical analysis by AMBCrypto, the cryptocurrency PEPE appears to have formed a descending triangle chart configuration over a four-hour timeframe, hinting at an imminent breakout. If this breakout occurs and PEPE manages to close a four-hour candle above $0.0000243, there’s a high likelihood it may surge by approximately 17%, potentially reaching $0.000028.

From a favorable perspective, PEPE’s Relative Strength Index (RSI) remains beneath the overbought zone, suggesting that there’s potential for further growth or an upward trend in the asset.

Based on the analysis of various on-chain indicators, it seems that at present, bullish sentiments, such as those held by traders and long-term investors, are overwhelmingly prevailing in the memecoin market. This trend could potentially lead to a breakout from the current pattern and a surge of approximately 17% for the memecoin within the next few days.

Read Pepe’s [PEPE] Price Prediction 2024–2025

At the moment, PEPE is close to being priced at approximately 0.0000235 USD, with an increase of more than 1.5% observed in its value over the last day.

Over the identical timeframe, there was a 15% rise in its trading activity, suggesting more involvement from both traders and investors as they anticipate positive returns with PEPE’s optimistic market trend.

2024-12-18 02:47

PEPE’s bullish on-chain metrics

Technical analysis and key levels

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