The cryptocurrency market is always full of surprises, and this week, PEPE has become one of its most talked-about tokens. The PEPE price growth has taken a bullish turn lately, with the coin gaining 2.69% in the last 24 hours and trading at $0.000007976. While some traders are already cashing out their profits, others believe this might be the beginning of the PEPE surge. Investors’ optimistic hopes are raising the PEPE price, even though the market is undergoing fluctuations.
Is PEPE’s Recent Breakout A Fluke?
Over the past few days, PEPE’s chart has been buzzing with activity. The token recently broke out of a descending channel, a pattern often associated with major rallies. This isn’t the first time either. In fact, the same pattern has led to big price jumps three times in the past.
Right now, analysts are pointing toward a potential price target of $0.00002786, which would be a massive 273% rally from current levels. This kind of breakout doesn’t always result in a straight-line rally. More often than not, we see a phase of price consolidation before any major leap. So while the breakout looks promising, PEPE might take a short breather before making its next big move.
Today, PEPE Volume Growth Hit a New High
Now, let’s talk market sentiment, because that can make or break any price prediction.
Trading volume for PEPE has jumped a whopping 32.67%, hitting a high of $650 million. That’s a strong sign that investors are actively trading the token, and more importantly, showing interest. In the Futures market, things are also heating up. Open Interest (OI) has risen to $348 million, which reflects the total number of PEPE contracts currently open.
While this number doesn’t confirm bullish or bearish vibes on its own, a deeper look gives more clarity. According to the OI Weighted Funding Rate, which combines funding rates with OI, sentiment is clearly leaning bullish. With a current reading of 0.0093% and staying positive for the last three days, things are pointing up literally.
Can PEPE Price Break Past Resistance Again?
The big question right now is, can PEPE price break past its current levels and continue this upward journey?
Technically, yes. The breakout from the descending channel is a strong indicator. Add to that the rising volume and positive sentiment in the derivatives market, and there is an upcoming potential rally. But the cryptocurrency market is never that simple. Price action often gets tangled in emotional trading, and that brings us to our next point…
Is Profit-Taking A Roadblock?
Despite the bullish signals, there’s still one thing that could slow PEPE down: profit-taking. After the recent breakout, many spot traders started selling. In fact, they’ve already sold around $8 million worth of PEPE. This kind of activity usually means that traders are securing gains before a potential dip. If the price keeps rising, this selling could continue, which would push PEPE into another round of consolidation. That’s not necessarily a bad thing, but it does mean the rally might take longer to play out.
Final Thoughts on PEPE Price Growth
So, is PEPE about to go full rocket mode? Maybe. The charts and metrics suggest the groundwork is there. But in the unpredictable world of the cryptocurrency market, patience often wins. The PEPE price growth looks optimistic for now, and if the momentum holds up, we might just see another leg up. But keep your eyes open, especially if profit-takers try to stall the show.
As always, trade smart, stay updated, and don’t chase the green candles blindly.
Source: Coinfomania / Digpu NewsTex