- Based on price action, PEPE could soar by 40% to the $0.0000128 level in the coming days.
- Historical In/Out of the Money indicator reveals, that at the current level, 67.69% of PEPE holders are profitable.
The current sentiment across the cryptocurrency market is quite bullish due to the interest rate cut announcement. Amid this, PEPE, the third biggest meme coin in the crypto industry, is experiencing a retest of bullish double-bottom price action pattern.
Pepe technical analysis and upcoming levels
On the 24th of August, PEPE experienced a bullish breakout and closed a daily candle above the neckline of the double-bottom pattern. However, it is now retesting the level, which is a positive sign for the potential upcoming upside rally.
With PEPE’s bullish outlook, price action experts suggest the token could soar by 40% to the $0.0000128 level in the coming days. When an asset forms a bullish double pattern, it often experiences a significant upside rally, and similar speculation surrounds PEPE.
Source: TradingView
Major liquidation level
However, the on-chain analytic firm CoinGlass data suggested that traders are more bullish and highly leveraged on long positions.
Currently, the key liquidation levels are around $0.00000891 on the lower side and $0.00000926 level on the upper side. Based on the data, traders are over-leverage at these levels.
Source: CoinGlass
If the sentiment remains bullish and the PEPE’s price reaches the $0.00000926 level, nearly $785K worth of short positions will be liquidated.
Conversely, if the sentiment shifts and the price drops to the $0.00000891 level, approximately $2.14 million worth of long positions will be liquidated.
PEPE price analysis
At press time, PEPE is trading near $0.00000901 and has remained stable over the last 24 hours. However, it reached an intraday high of $0.00000931 level.
Meanwhile, its trading volume has dropped by over 27% during the same period, signaling lower participation from traders.
Recently, an on-chain analytic firm IntoTheBlock, revealed through its Historical In/Out of the Money indicator that, at the current level, 67.69% of PEPE holders are profitable, while 23.11% are at a loss.
Source: IntoTheBlock
Read PEPE’s Price Prediction 2024-2025
As of now, it looks like the overall crypto meme sector is struggling to gain momentum.
According to Coinmarketcap, top meme coins like Dogecoin, Shiba Inu, Dogwifhat, and Bonk dropped by 1.5%, 0.85%, 3.7%, and 0.9%, respectively, in the last 24 hours.
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