PEPE – A 300% rally on the cards? This bullish pattern could be key!

by
    PEPE faces key resistance levels that could confirm a 300% rally if bullish patterns hold
    Short positions at risk of liquidations could trigger a massive price surge

As a seasoned crypto investor with over a decade of experience navigating the volatile cryptocurrency market, I find myself intrigued by the potential trajectory of PEPE Coin (PEPE). While the recent drop to September’s low has been concerning, Captain Faibik’s prediction of a 300% bullish rally in Q4 2024 has certainly caught my attention.

PEPE Coin (PEPE) is being closely watched by both traders and experts following its dip below a crucial support point. This dip set a fresh September low, but there’s still a sense of hope for a substantial price recovery in the near future.

Based on the analysis of Captain Faibik, a cryptocurrency expert, it appears that the token could potentially experience a significant surge in its value during the last three months of 2024.

His prediction suggests, 

Currently, $PEPE continues to gather strength within a bullish symmetrical triangle. My optimistic stance remains unchanged – this could lead to an additional 300% surge in the fourth quarter!

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

Currently, PEPE is being traded at approximately $0.057447. In the past 24 hours, the trading volume has exceeded $1.1 billion. This significant activity has led to a 5.03% increase in its price over that same period.

However, despite a 1.26% decline over the past seven days, the market remains intrigued by the token’s future trajectory. 

Hike in short liquidation positions

PEPE’s price fluctuations often mirror the activity in the Futures market, as demonstrated by the recent liquidation map from Coinglass. The overall amount of short positions being liquidated exceeds the number of long positions being liquidated significantly.

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

Approximately 20 million USDT worth of short positions are vulnerable to being closed out if prices increase significantly, suggesting that many traders anticipate a decline in value. This imbalance could lead to an increase in buying pressure, as a market surge might set off a chain reaction of short liquidations, possibly causing the price to rise further.

Traders focusing on futures markets ought to exercise caution, given the significant number of short positions currently in play. This situation implies that a swift increase in PEPE‘s price might intensify its growth if the liquidation thresholds are surpassed.

Transaction activity and market sentiment

Furthermore, According to IntoTheBlock’s data, there were variations in significant transactions related to the cryptocurrency PEPE from 2nd to 9th September. The peak transaction activity was noted on 6th September, with a total of 217 large transfers, while only 80 such transactions took place on 3rd September.

In the past day, there have been 103 significant transactions noted. This suggests a reasonable level of market activity, as traders are keeping a watchful eye for more definitive signs about PEPE‘s upcoming direction.

Read morePEPE flips Optimism: Can OP emerge from the memecoin mania?

Address data also provided some insights into PEPE’s growing user base. As of 9 September, the number of PEPE addresses had hit 3.18k, with 585 new addresses created over the past week. 

Indeed, there was a 6.54% increase in active addresses, indicating a rising curiosity about the token, even amidst its ongoing pricing issues. Conversely, the creation of new addresses decreased by 13.84%, suggesting a somewhat uncertain market atmosphere.

Key technical indicators – Resistance and momentum

PEPE’s day-to-day graph indicates an effort to rebound from its recent price decrease. At the current moment, it is being traded slightly below two significant resistance points – The 50-day Exponential Moving Average (EMA) at 0.00000839 and the 100-day EMA at 0.00000897.

If PEPE doesn’t manage to surpass those specified levels, there’s a chance that the price movement may slow down or even continue in a negative direction.

Currently, the Relative Strength Index (RSI) is showing a value of 46.55. This suggests that while the momentum isn’t strongly in either direction, it slightly leans towards a downward trend, or bear market.

In simpler terms, finding PEPE in such a situation might require careful handling due to the MACD indicator suggesting decreasing bearish strength. Yet, there’s a possibility of a bullish crossover happening with the MACD line, which, upon completion, could potentially boost the price.

Read More

2024-09-11 03:36