With the crypto market experiencing uncertain sentiment, the third-largest memecoin, Pepe (PEPE), has emerged as a bullish contender. Despite hesitancy among traders and investors, PEPE has shown strong price action and on-chain metrics support, leading to a positive outlook. Currently trading at around $0.00000745, the memecoin has gained 1.20% in the past 24 hours, but reduced trading activity has caused a 15% drop in trading volume.
Technical analysis indicates that PEPE is in the midst of forming a bullish double-bottom pattern on the daily chart and recently broke out of a descending trendline that has been a barrier since late March 2025. This breakout has propelled PEPE up by over 10%, with potential for a 20% upside move in the near future, particularly if it closes above the $0.0000091 level. The memecoin could potentially reach the next resistance level at $0.000014, signaling an 85% upside rally.
The bullish outlook for PEPE is further supported by on-chain analytics showing a $5.17 million outflow from exchanges, suggesting potential accumulation. Additionally, data from Binance, the world’s largest cryptocurrency exchange, indicates that 63.02% of top traders are going long on PEPE, with a Long/Short Ratio of 1.70, signaling strong bullish sentiment among traders. This combination of on-chain metrics and technical analysis suggests that the bulls are currently dominating PEPE, while short sellers appear to be on the sidelines.
Despite trading below the 200-day Exponential Moving Average on the daily chart, PEPE’s recent breakout from a descending channel pattern has raised optimism among traders and investors. A crypto expert highlighted PEPE’s historical performance, noting a previous surge of over 100% in October 2024 after breaking out of a symmetrical triangle pattern. With the memecoin now out of a descending channel, there is anticipation for a similar upward move in the near future.
Overall, while there may be uncertainty in the broader crypto market, PEPE is demonstrating resilience and bullish potential. With strong price action, on-chain metrics indicating accumulation, and significant trader interest in going long, PEPE appears well positioned for a potential upside rally in the coming days. As always, traders and investors should conduct their own research and consider the risks involved before making any investment decisions in the volatile cryptocurrency market.
