Yesterday’s Pepe coin price prediction showed the possibility of the asset rising higher—and it did. PEPE price surged in the last 24 hours, breaking out of a bullish chart structure and eyeing 16% potential additional gains. This officially makes Pepe one of the most bullish crypto assets in the top 20 largest coins by market cap. Pepe must overcome a zone of resistance before the trend fully reverses.

Pepe Coin Price Prediction Turns Bullish

The current trend for the PEPE/USD price is bullish. The PEPE price has broken out of an ascending triangle pattern, indicating potential for further upward movement.

Pepe coin price action sports a support level around $0.00000812 (bottom of the breakout zone), with a stronger one around $0.0000070. On the flip side, the next major resistance is at $0.0000095 (200-day EMA), followed by a psychological resistance around $0.000010.

The breakout from the ascending triangle is a strong, bullish signal, as the recent green candles suggest strong buying momentum following the breakout. If the price breaks above the 200 EMA, Pepe may turn bullish, leading the entire market in the recovery.

The Relative Strength Index (RSI) is at 69.64, nearing overbought territory. This indicates strong bullish momentum but also the potential for a short-term pullback. The Chaikin Money Flow (CMF) at 0.07 shows positive money flow and confirms the strength of the breakout.

There is a noticeable increase in volume during the breakout, which further validates the bullish move setting center stage for our Pepe coin price prediction. Sustained higher volumes could lead to continued upward momentum.

Pepe Coin Price Prediction Chart

If the Pepe price breaks below the 50-day EMA, it may signal market weakness and revert the asset back to a bearish stance, invalidating the current bullish thesis. Pepe would target $0.0000070 and $0.0000060 as the new support levels.

Pepe Volume, Open Interest Support Breakout

CoinGecko data shows Pepe coin value volume increased by 19.9% in the last 24 hours. The increases coincided with the price breaking out of the ascending triangle, and it signals more upside for Pepe coin price.

Additionally, the Pepe open interest (OI) on Coinalyze increased by 16.99% over the last 24 hours. This signals that capital is flowing into Pepe, and subsequently, the price may continue rising until the next major point of resistance.

The recent surge in PEPE price pushed more holders into the profit zone. According to data from IntoTheBlock, 65% of all PEPE holders are now in profit, up from yesterday’s 57%.

Additionally, the projected 16% increase, according to the Pepe coin price prediction, could turn another $437 million worth of tokens from loss to profitability. This would make Pepe one of the top-performing assets in the top 100 rankings. If Pepe’s trading volume increases, it may give bulls the juice they need to turn the asset’s sentiment completely bullish.

The post Pepe Coin Price Prediction: Bullish Breakout Signals 16% Gains Ahead appeared first on CoinGape.

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Filed under: News - @ August 9, 2024 9:28 am