Pepe Coin (PEPE) has been displaying bullish momentum in recent weeks, based on key indicators that suggest a potential breakout.
Bullish Chart Setup
PEPE's current chart structure is an example of a cup-and-handle pattern. The price is now around $0.00001252 and approaching a critical resistance zone at $0.00001580. A breakout above this level may trigger a rally towards $0.000030.
Support from the Derivatives Market
Traders are increasingly betting on a bullish move for PEPE. Open interest (OI) has surged to $705 million, and trading volume increased by over 60%, hitting $3.67 billion. The positive funding rate is an indicator of market confidence.
Rising Retail and Whale Interest
On-chain data shows rising retail and whale activity. New addresses are up 39.01%, and active addresses increased by 38.43% over the past week. Whales are accumulating over 4.07 trillion PEPE tokens, indicating stronger interest from larger holders.
With bullish patterns, increasing derivatives activity, and heightened interest from both retail and whale participants, PEPE appears primed for a breakout. A decisive close above $0.00001580 could lead towards $0.000030.
