PEPE Potentially Up 300%, Bullish Pattern Is The Main Key

PEPE has the potential to rise 300%, Bullish's pattern is the main key (Photo; Doc. Alternative Coin)

JAKARTA - Pepecoin (PEPE) is again in the spotlight of crypto traders after experiencing a decline below the key support level. Despite recording its lowest price in September, optimism remains high for a potential significant price increase in the fourth quarter of 2024. Analysts and investors see a great opportunity for PEPE to rise and set a new record.

Reporting from Ambcrypto, a well-known crypto analyst, Captain Faibik, predicts that PEPE could start a major rally in the remainder of the year. He stated, $PEPE is still consolidating inside the Symmetrical Triangle Bullish and I am still optimistic...!! Looks ready for a bullish rally of up to +300% in Q4. This prediction is based on a technical analysis showing a strong bullish pattern, giving hope to investors who have long waited for the moment of the rise of PEPE.

PEPE prices are strongly influenced by activity in the futures market. Data from Coininglass shows that short positions worth around USD 20 million (IDR 300 billion) are at risk of being liquidated in the event of an increase in prices. With this many short positions, price spikes can trigger a series of liquidations that ultimately push PEPE prices up higher.

The data show that the leverage liquidation short is much larger than the leverage long, creating an imbalance that could put pressure on if prices start to rise. This provides an opportunity for PEPE to experience a significant price spike in the near future.

Data from IntoTheBlock records fluctuations in large transactions involving PEPE between September 2 and 9. The highest transaction activity occurred on September 6 with 217 major transfers, while September 3 only recorded 80 transactions. In the last 24 hours, 103 major transactions have been recorded, indicating market activity is in a phase awaiting clarity in the next direction.

The number of addresses holding PEPE also continues to grow, reaching 3.18 thousand on September 9, with 585 new addresses made in the past week. Despite a 6.54% increase in active addresses, the creation of new addresses fell 13.84%, signaling varying market sentiment. This shows that despite optimism, there is still uncertainty among investors.

On a daily graph, PEPE is trying to bounce back from price drops. Currently, the coin is trading slightly below two critical resistance levels of 50-day EMA at 0.00000839 US Dollars (Rp0.13) and 100-day EMA at 0.00000897 US Dollars (Rp0.14). To confirm the reversal of the bullish trend, PEPE should be able to penetrate these two levels. If this fails, prices will likely continue to stagnate or even experience further declines.

The Relative Strength Index (RSI) indicator is at 46.55, showing a momentum that is neutral but tends to bearish. However, the MACD indicator shows signs of weakening bearish momentum, and if a bullish crossover occurs, it could support future price increases.