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Cryptocurrency News Articles
PEPE Coin (PEPE) Is Looking to Make Some Serious Gains as the Crypto Market Is Experiencing Some Renewed Interest
Oct 09, 2024 at 04:16 pm
A bullish falling wedge pattern is developing and open increased by 40%. According to analyst MaxBecauseBTC, once Ethereum breaks above $2,900, PEPE could break
A bullish falling wedge pattern is developing on the PEPE/USD chart, signaling a potential reversal if the price breaks above the key $0.000013 resistance level. This setup suggests the weakening of selling pressure, and a breakout could trigger a substantial upward movement.
According to analyst MaxBecauseBTC, once Ethereum breaks above $2,900, PEPE could break out to new highs to target $0.000020. This is due to PEPE being a high beta asset to ETH, meaning that PEPE's price behavior, in general, tends to be more volatile and amplified versus ETH, offering a higher possibility of higher returns during a bullish market.
The claim that PEPE has been “leading ETH for the entire year” implies that PEPE has experienced higher percentage increases in value than ETH.
If ETH manages to break above the price range of $2800-$2900, it could trigger a rapid movement in PEPE towards its all-time highs (ATH).
The PEPE/USD chart shows a bullish falling wedge pattern, signaling a potential reversal if the price breaks above the key $0.000013 resistance level. This setup suggests the weakening of selling pressure, and a breakout could trigger a substantial upward movement.
The next resistance level after this breakout is $0.000020, indicating a 110% rally. The price is currently above the 50 and 100 day EMAs, indicating the coin is bullish. As long as PEPE stays over these EMA’s, it will support the bullish outlook.
On the downside, $0.0000086 serves as critical support. A failure to hold this level could invalidate the bullish pattern and lead to further declines.
The RSI is at 53, indicating neutral momentum, which corresponds with the possibility of an upward breakout. Bullish momentum will be confirmed when volume becomes high and a breakout above the wedge pattern is confirmed.
The coin must break above key resistance levels of $0.0000 013 to enable the predicted rally to happen. If PEPE can break out of its current trend, the price could fly up to its $0.000020. However, if any key support levels fail to hold, the trend could be reversed.
The prospects for this potential rally will depend on the broader market sentiment and upcoming U.S. presidential elections. These events could create some market turbulence that might impact the behavior of investors, especially in riskier assets like meme coins.
A significant rise in open interest (OI) from early August signals increased market participation. In the recent week, PEPE OI has shown a resurgence, with a notable 40% increase.
Higher OI typically indicates an influx of capital and traders entering or holding futures positions, which could drive future price movements depending on market direction.
This rise in open interest suggests growing trader activity and interest in PEPE futures contracts. This likely reflects the bullish sentiment surrounding the token's potential breakout from the falling wedge pattern.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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