Pepe Price Surges 7% as Cup and Handle Pattern Signals Breakout Toward $0.000022

Highlights:

• The price of Pepe has surged 7% to $0.000013 as trading volume spikes 18%.
• PEPE market shows a cup and handle pattern, signaling a potential breakout to $0.000022.
• Coingass data shows rising interest in Pepe, which could trigger a rally in the coming days. 

Pepe price has increased 7% to trade at $0.000013 in the past 24 hours. Moreover, there is significant demand for the meme coin, as the trading volume has soared 18% to $1.43B. The rising trading activities could potentially drive the Pepe price higher in the coming days. 

Pepe Price Technical Outlook

There are signs in the Pepe price chart that the meme coin could head upward. You can clearly see a “cup and handle” pattern forming on the daily chart, which is usually a sign that a breakout is coming. Since going above its 50-day moving average at $0.0000099, PEPE’s price has risen soared, currently up 6% to $0.000013 mark. The bulls have entirely taken the reigns, as they target higher levels at $0.00002, if they break above the governing pattern. 

A quick look at the technical indicators, including the Relative Strength Index (RSI) value, is about 60.6 right now. This means the frog-themed meme coin is moving upward without being overvalued. At the same time, MACD seems ready for a bullish crossover, as it sits above the neutral area, in the positive region. 

Market Activity and Derivatives Data Reflect Rising Interest

In addition, Pepe’s market data demonstrates increased trading and derivatives participation. There is rise in volume over the last 24 hours, as $2.46 billion traded compared to $1.75 billion two days earlier. The number of open positions has risen by 16% to $593.36 million, indicating that traders are becoming more confident about PEPE’s price trend.

Volumes and open interest in options trading have noticeably gone up recently. At 0.995, the long-to-short ratio in the derivatives market says the market is expectantly cautious yet optimistic. Most successful traders on Binance are long, as their long-to-short ratio is higher than 2, which shows they trust price increases. Yet, along with the bullish stance, active selling orders make the market lively and open to volatility.

What’s Next for Pepe Price?

Large increases in trading volume and open interest, with the support of the cup and handle chart pattern, seem to show that the market will continue to grow. Traders’ sentiment toward the markets are balanced, but most are optimistic, as top traders are long yet still take active short positions.

If the bulls keep dominating in the market, fueled by rising trading volume, the Pepe price could break above the governing pattern. In such a case, the bulls could eye $0.000018, 0.000020 and $0.000022 in the coming days. 

On the downside, if the bears step into the market and capitalize on the bearish MACD indicators, the frog-themed meme coin could fall. In such a case, the $0.000012, $0.000010, and $0.0000093 could offer support floors for the potential selling pressure. In the meantime, traders should closely monitor the technical indicators and support areas to determine the next direction in the Pepe price.