On August 8, 2024, the overall cryptocurrency market is looking bullish, as top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have experienced a massive upside rally. Amid this uptrend, Pepe (PEPE) the world’s third biggest meme coin is gaining significant attention from the crypto community as its chart looks super bullish.
PEPE’s bullish chart
Additionally, PEPE’s bullish chart is also being shared by crypto experts. Recently, a prominent trader made a post on X (Previously Twitter) noting that back in April 2024, PEPE experienced a remarkable upside rally following the breakout of a consolidation zone after its price decline. A similar kind of consolidation has been observed in PEPE’s chart after the recent decline.
He noted that we may see a similar kind of rally once this consolidation area breaks.
PEPE price performance
At press time, PEPE is trading near $0.0000081 and has experienced a price surge of over 7% in the last 24 hours. Despite this impressive price surge, PEPE’s trading volume declined by 11% during the same period. This decline in trading volume might indicate fear and lower participation from traders.
As of now, PEPE’s open interest (OI) is increasing. In the last 4-hours, its OI has increased by 8%, and over the last 24 hours, it is up by 3%, according to an on-chain analytic firm CoinGlass.
PEPE price prediction
According to expert technical analysis, PEPE is at a crucial resistance level of $0.0000084, near the 200 Exponential Moving Average (EMA) on a daily time frame. Additionally, it has been consolidating within a tight range for four consecutive days, between $0.0000069 and $0.00000822 levels.
If PEPE gives a breakout of both the consolidation zone and the resistance level, there is a high chance it could soar 50% to the $0.0000126 level or even higher in the coming days.
Currently, most cryptocurrencies are experiencing major breakouts and have seen remarkable upside moves since the market crash. However, PEPE remains in a consolidation zone, which is a positive sign for a potential upcoming rally.
Major liquidation level
As of now, the PEPE’s major consolidation zone is at near $0.0000077 on the lower side and $0.00000848 on the upper side.
If it gives a breakout and soars to the $0.00000848 level, nearly $860K worth of short positions will be liquidated. Conversely, if PEPE’s price falls below the $0.0000077 level, nearly $5 million of long positions will be liquidated. This higher leverage on the long side indicates that bulls are controlling the situation, while the short seller looks exhausted.
