TLDR
- PEPE coin surged 11% in a day to reach $0.000006370
- A trio of significant investors have snapped up 689.79 billion PEPE tokens, estimated between $4.3 million and $5 million in value.
- Technical signals hint at a possible 60% price rise, with resistance levels emerging at $0.0000075 and $0.000010.
- Open interest in PEPE futures has surged to the range of $198 million to $214 million, signaling increasing interest from traders.
- The Elder-Ray Index has turned positive for the first time since January, indicating positive momentum in the market.
Pepe Coin's value jumped by 11.27% over the last day, reaching $0.000006370. This increase comes after a long period of decline where PEPE dropped over 80% since its peak of $0.00002833 in December 2024.
Key technical patterns detected by market analysts on PEPE’s daily chart suggest a substantial price move could be approaching. Some experts forecast a potential surge over 60% in the near term.
PEPE Price
Several optimistic trends are emerging on the current price charts. Buying volume is picking up, while selling pressure seems to be easing. Although lower lows continue forming, the downward momentum is diminishing, hinting at a possible sharp upward price movement for PEPE.
If a breakout takes place, traders should monitor initial resistance at $0.0000075 and $0.000010. Breaking through these levels could pave the way towards $0.00002095—a probable rise of 220% from current levels. However, caution remains advised.
In a bearish turn, PEPE might encounter difficulties if it can't stay above the vital support level of $0.00000298. Falling below this threshold could trigger another wave of selling, driving prices further down. The $0.0000062 level also marks a crucial support point to watch.
The uptick in price coincides with a surge in whale accumulation, as on-chain data reveals. Three prominent investors have collectively acquired 689.79 billion PEPE tokens, valued between $4.3 million and $5 million—highlighting renewed confidence from larger market players.
The wallet with the largest purchase, 0x7A7D, obtained 437.7 billion PEPE for 1,413.4 ETH, roughly $2.72 million. Two other wallets, 0x9212 and 0x7779, secured 158.58 billion PEPE for $1 million and 93.51 billion PEPE for $574,000, respectively.
These substantial acquisitions often precede price rallies and are known for increasing liquidity and boosting market confidence in the asset. However, some analysts have raised concerns about the origin of these funds, noting they reportedly stemmed from Tornado Cash.
Aside from technical trends and whale movements, broader economic conditions have bolstered PEPE’s resurgence. U.S. inflation figures released this week show a drop in the Consumer Price Index from 3.0% to 2.8%, which has alleviated anxiety over aggressive Federal Reserve measures.
As economic outlooks improve, risk assets, including cryptocurrencies, have seen renewed interest from investors. This macroeconomic trend has provided additional support for PEPE’s price trajectory.
Open Interest
There has been a notable increase in PEPE’s futures open interest, reaching between $198 million and $214 million—its highest since early March. This trend hints that traders are gearing up for a potential breakout, further supporting the bullish sentiment surrounding the coin.
Daily trading volumes have surged, crossing the $1.11 billion threshold and marking an 18% increase over the past day. Over $2.58 million in liquidations were recorded over the past 24 hours, underscoring the growing market activity around the token.
Technical indicators are offering more insights into PEPE’s prospective trajectory. For the first time since January 19, the Elder-Ray Index has flipped positive, signaling a bullish turn in market sentiment for this altcoin.
The Elder-Ray Index evaluates market strength by comparing an asset’s price to its moving average, shedding light on whether bulls or bears dominate. A positive reading implies that bullish forces are in control, pointing to upward momentum.
Despite the favorable indications, PEPE still trades below its 200-day Exponential Moving Average, indicating that an established uptrend hasn't yet formed. Experts argue that maintaining above $0.0000062 may provide the momentum needed to aim for higher targets.
Should current patterns hold, some analysts foresee a short-term 60% appreciation for PEPE, with potential targets set at $0.000012 (a 90% gain) and $0.000020 (a 215% leap). The immediate resistance level to keep an eye on is $0.0000083.
