PEPE Breaks Bullish Flag Pattern, Traders Eyes 65% Rally

Pepe (PEPE), the World's Third-Largest Meme Coin, Poised for Bullish Surge

Pepe (PEPE) is on the cusp of a significant bull run as it breaks out of a bullish price action pattern. This breakout has sparked heightened activity from traders and investors in recent hours.

Traders and Whales Fuel PEPE's Breakout

According to Coinglass, PEPE's open interest (OI) has surged by 13.56% in the past 24 hours and 5.6% in the past hour, signaling increased trading interest in the meme coin. Additionally, on-chain analytics provider IntoTheBlock reports a notable rise in large transaction volumes, indicating engagement from whales and institutions.

Technical Analysis and Future Levels

Technical analysis reveals that PEPE has broken out of a bullish flag and pole pattern on the four-hour timeframe. Such breakouts are often regarded as strong bullish signals. If PEPE closes a four-hour candle above $0.0000222, it has the potential to surge by 65% to $0.000036 in the coming days. However, this bullish thesis remains valid only if PEPE closes above the specified level.

Currently, PEPE trades above the 200 Exponential Moving Average (EMA) on both the four-hour and daily timeframes. Its Relative Strength Index (RSI) also suggests a potential upward trend in the near future.

Current Price Momentum

At the time of writing, PEPE is trading close to $0.000020 and has experienced a price increase of over 5.10% in the past 24 hours. Trading volume has increased by 18%, reflecting heightened trader participation following the bullish breakout.