- PEPE breaks the trendline, signaling a bullish reversal and upward momentum.
- Volume is rising as the token builds a strong bullish market structure.
- Token eyes a $0.0002900 long-term breakout target ahead.
PEPE is showing positive momentum despite the overall crypto market remaining mostly neutral. The token dropped by 2.46% within the last 24 hours, while within the last week, it dropped by 13.5%.
The token is now trading at $0.00001252. Although the price dropped recently, trading activity has jumped sharply, with 24-hour volume up 65.7% to $927.17 million.
The current market capitalization stands at $5.21 billion, a sign that there is still interest from players in the market.
This recent rally came off a breakout above a long-term descending trendline that had been keeping the price contained within an extended downtrend.
Since the breakout above this level late in 2024, the token has risen to retest that very same level. To date, it is still above it, a good indicator that optimism within the coin is coming back.
Also Read: Pepe (PEPE) Holds Strong Amid Market Cool-Off: What’s Next?
PEPE Breakout Confirmed By Strong Green Candles
Crypto analyst ZAYK Charts indicated that charts of the market demonstrate a series of strong green candlesticks developing after the breakout, which validates that there is further momentum to rise.
The trendline that previously constituted very strong resistance has since converted to a level of support. If the token can stay above this level of support, the price could rise as high as $0.0000145 on a short-term basis, translating to a possible gain of 20% at most.
If overall momentum within the crypto markets remains healthy, PEPE’s long-term outlook is even rosier. The price is being targeted by analysts to potentially go as high as $0.00004900, a significant surge from where it currently stands.
Achievement of this gain, however, will be dependent upon the token maintaining support above the prominent trendline. If the price once again slips below this line, a reversal to the previous bear trend could be signaled.
Open Interest Rises, Signals Growing Momentum
According to the data from CoinGlass, PEPE is showing immense growth in market participation. 24-hour trading volume has increased to $2.14 billion with a 53.76% increment. Open interest, a position indicator within the futures markets, has increased by 0.73%, standing at $729.40 million at present.
The Open Interest Weighted (OI-Weighted) indicator is currently at 0.0115%, showing that leverage use in the market is balanced, neither too aggressive nor too cautious.
The scenario is that of healthy sentiment with enough momentum to take prices up if there are breaches of barriers later in the session.
PEPE’s current price action sets up a sentiment change as it remains above a critical support level. With higher volume, strong chart signals, and ongoing demand within the futures market, PEPE may be setting up its next higher move. The coming days will be critical to determining if this breakout will trigger a further sustained rally.
Also Read: $PEPE Price Crash Positions Neo Pepe Coin ($NEOP) Presale 2025’s Best Crypto Meme Coin Choice
