Pepe Coin Price Flashes a Bullish Signal with 68% Upside Potential

Pepe Coin Price Faces Market Divide

Pepe Coin's price has remained subdued compared to other leading cryptocurrencies due to a market division between bearish traders and bullish long-term investors. Despite securing a free listing on HashKey exchange in Hong Kong, the asset faces significant resistance.

Whales vs Traders

The current price stagnation stems from a power struggle between large holders (whales) and retail traders. While whales accumulate PEPE, retail traders exhibit bearish sentiment, as evidenced by data from Coinglass.

Short Positions Closing

The PEPE Crypto Derivatives Visualizer indicates that traders are closing short positions in profit, leading to a drop in open interest (OI). However, a second metric suggests that new long positions are not being opened, indicating potential bearishness.

Whale Accumulation

In contrast, large holders remain bullish on PEPE, accumulating the asset over the past 48 hours. Data from Santiment shows increased whale activity, with an increase in active addresses signaling new user growth.

Bullish Price Potential

The Pepe Coin price chart suggests a potential 68% upswing. The descending wedge pattern with a resistance at $0.00000835, if broken, could trigger a double bottom reversal, potentially leading to a price surge to $0.00001200.

Overbought Conditions

However, the overbought Stochastic RSI may indicate short-term selling pressure or a pullback. Nonetheless, in strong uptrends, overbought conditions can persist for extended periods.

Key Levels

Success above $0.00000835 would validate the bullish case, while a failure to hold above the 200 EMA could send PEPE down to $0.00000700 or even lower, invalidating the rally.