Pepe coin price targets a 61.26% rally from $0.000014558, nearing a breakout from a Cup and Handle pattern toward $0.000023793.
Pepe coin price is exhibiting indications of a potential rally to a new multi-month high of $0.000023793 as the market structure completes a cup-and-handle pattern on the 12-hour chart.
This bullish formation for PEPE results from a significant 81.10% increase in one month, which saw the Ethereum meme coin reach a four-month high of $0.000015410.
Even though Bitcoin has reached a new all-time high and altcoins are on the rise, Pepe coin is currently trading at $0.000013973, representing an intraday gain of 2.33% at publication.
Pepe Coin Price Is On Brink Of 61.26% Increase To $0.000023793
As it approaches the breakout from a Cup and Handle pattern, Pepe coin price anticipates a 61.26% increase from its current position of $0.000014558.
A rally that propels this meme token closer to the all-time high of $0.00002825, which was established on December 9, could be initiated by a successful push above the neckline at $0.000014764.
An incoming uptrend is frequently preceded by this Cup and handle consolidation pattern.
The Handle is a tiny consolidation that follows the rounded bottom, which is referred to as the Cup. As a result, the name.
The target of $0.000023703 for the aforementioned Cup and Handle is achieved by measuring the 61.26% depth of the Cup and adding it to the neckline of $0.000014764.
An increase in momentum and volume can corroborate a bullish continuation and breakout.
The 200-period MA, which is frequently employed in conjunction with the Cup and Handle, is also trending above PEPE’s price.
This indicates that the potential breakout has significant strength.
A cost of $0.000023793 will be on-site if the Handle extends beyond its current position.
Additionally, the rising 50-period MA, which is situated beneath the price points, suggests a growing support and medium-term bullish momentum at $0.000013191.
The relative strength index (RSI) is currently at 59.12 and is increasing in momentum.
This suggests that the meme coin is still experiencing optimistic momentum.
Open Interest, Funding Rates Of Pepe Indicate Bullish Momentum
The open interest in derivatives on Coinglass has increased by 111.4%, equivalent to $636.44 million.
This increase indicates robust market interest and the potential for additional gains.
Furthermore, funding rates have maintained their positive status, which suggests that traders are still willing to pay a premium fee to support their positions.
In conclusion,
The meme coin is poised for a breakout, as evidenced by the cup and handle pattern, the high open interest and favorable funding rates in the futures market, and an overall favorable altcoin market that is heating up in parallel with Bitcoin’s rally to a new all-time high, according to Pepe coin’s price forecast.