Is PEPE Ready to Leap? Bullish Patterns Emerge Despite User Hesitation
by Oliver Dale · BlockonomiTLDR
- PEPE has gained over 30% in the past month
- Technical analysis shows a “double bullish” pattern forming
- Price target of $0.00001725 represents potential 60% upside
- Accumulation indicators suggest buyers are increasing holdings
- Active addresses have declined 7.89% in the past week
PEPE, the popular memecoin, has been making waves in the cryptocurrency market with impressive gains and bullish technical signals.
Over the past month, PEPE has outperformed many of its memecoin peers, recording a 30.13% increase in value. This upward trend has continued recently, with an additional 3.90% gain.
Technical analysts have identified what they call a “double bullish” pattern in PEPE’s price chart. The coin is currently trading within a symmetrical triangle pattern, which itself follows a breakout from a larger symmetrical triangle formed earlier.
This pattern suggests that PEPE has entered a new accumulation phase, where investors are steadily increasing their holdings in anticipation of a potential rally.
If PEPE successfully breaks out of this current pattern, analysts project a price target of $0.00001725. This represents a significant 60% increase from its current trading price, highlighting the potential for substantial gains if the bullish momentum continues.
The Accumulation/Distribution (A/D) indicator, which tracks whether traders are buying or selling an asset, supports this bullish outlook.
The A/D line for PEPE is moving upward, signaling that accumulation is taking place and that market sentiment is positive. This buying activity could be the driving force that pushes PEPE’s price toward its next target.
Further strengthening the bullish case is the Relative Strength Index (RSI), a popular momentum indicator. The RSI for PEPE has begun to rise and currently sits at 59.41, suggesting that buyers are gaining control of the market.
As the RSI moves higher into bullish territory, it typically signals continued strength in an asset’s price.
However, not all indicators are pointing in the same direction. Data from blockchain analytics firm IntoTheBlock reveals a concerning trend in user engagement.
The number of active addresses interacting with PEPE has dropped by 7.89% over the past week. This metric is important because it measures how many traders are actively engaging with the asset.