Pepe (PEPE), the world’s third largest meme coin, is poised for a massive bull run as it broke out of a bullish price action pattern. Following this breakout, the last few hours have seen increased participation from traders and investors.
Traders and whales drive PEPE breakout
According to a recent report from analytics firm Coinglass, PEPE’s open interest (OI) soared 13.56% in the last four hours and 5.6% in the last hour. This rising OI indicates increased interest among traders in the meme coin.
According to analytics company IntoTheBlock, along with traders, whales and institutions are becoming more active, leading to a significant increase in the volume of large transactions.
PEPE Technical Analysis and Upcoming Levels
According to CoinPedia technical analysis, PEPE emerged from the bullish flag and pole price action pattern on the four-hour chart. In technical analysis, a flag and pole breakout is considered a strong bullish signal, often prompting traders and investors to initiate trades after the breakout.
Based on the recent price action and historical momentum, if PEPE successfully closes the four-hour candle above the $0.0000222 level, there is a high chance that it could surge 65% to reach the $0.000036 level in the coming days.
However, the bullish PEPE thesis will only remain valid if the meme coin closes the four-hour candle above the specified level, otherwise it may fail.
The meme coin is currently trading above the 200 exponential moving average (EMA) on both the four-hour and daily timeframes. Meanwhile, the relative strength index (RSI) indicates potential gains in the coming days.
Current price momentum
At the time of publication, PEPE is trading around $0.000020 and has risen over 5.10% in the last 24 hours. Over the same period, trading volume increased by 18%, indicating increased participation by traders following the bullish breakout.
