PEPE Price Could Surge 50%, Key Factors to Watch

PEPE Price Surge: Analysis and Key Factors

On August 8, 2024, the cryptocurrency market exhibited bullish momentum, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experiencing significant gains. Among these rising assets, Pepe (PEPE), the third-largest meme coin, garnered attention due to its bullish chart pattern.

bullish Chart Pattern

PEPE's chart indicated a promising formation. In April 2024, a breakout from a consolidation zone triggered a substantial rally. A similar consolidation has emerged in PEPE's chart recently, suggesting the potential for a breakout and upward movement.

Price Performance

At the time of writing, PEPE was trading near $0.0000081, having experienced a 7% surge over the previous 24 hours. Despite this price increase, trading volume declined by 11%, possibly indicating cautious participation.

Open Interest (OI)

PEPE's open interest (OI) has increased in recent hours and days. This suggests growing market interest and the possibility of a sustained rally.

Price Prediction

Technical analysis reveals that PEPE is near a crucial resistance level of $0.0000084 and consolidating within a range for four consecutive days. If PEPE breaks out from both the consolidation zone and resistance level, it could potentially surge 50% to $0.0000126 or higher in the coming days.

Major Liquidation Level

PEPE's consolidation zone extends from $0.0000077 on the lower side to $0.00000848 on the upper side. A breakout to $0.00000848 could trigger $860K worth of short liquidations, while a decline below $0.0000077 could lead to $5 million of long liquidations. The higher leverage on the long side indicates that bulls are dominating the market.

Conclusion

PEPE's bullish chart pattern, growing open interest, and potential for a breakout suggest the possibility of a significant price surge. Traders should monitor the price action closely and consider adjusting their positions accordingly.