- PEPE price leads the memecoin pack, as it soared over 20% in the last 24 hours.
- Technical indicators and market trends suggest further gains in PEPE.
Pepe (PEPE) price increased sharply and displayed significant buying interest. Thanks to the positive investor interest, PEPE price extended the breakout ride and registered a whopping surge of over 20% in the last 24 hours and 45% this week.
The primary reason behind the sharp upward move is the social media endorsement by Arthur Hayes on X. Yesterday, he posted a tweet saying it’s time for a memecoin breakout.
He pointed out MOG and PEPE in his post, which displayed sharp speculative moves and pumped massively in Yesterday’s session.
It's time for a memecoin breakout. I respect my $MOTHER, I $MOG like no one else, but I can't neglect $PEPE.
— Arthur Hayes (@CryptoHayes) September 27, 2024
Yachtzee Bitches!
Furthermore, data from SpotOnChain showed that he also withdrew 24.39 billion PEPE valued at over $252k.
After $ATH, Arthur Hayes turns to accumulate memecoin $PEPE!
— Spot On Chain (@spotonchain) September 27, 2024
In the past 2 hours, Arthur Hayes (@CryptoHayes) deposited 1M $USDC to #Binance and withdrew back 24.39B $PEPE ($252K) to wallet 0x6cd for the first time.
Follow @spotonchain for more updates about #ArthurHayes and… https://t.co/zTPMYKQH7W pic.twitter.com/032cBetVuv
Before the purchase, Hayes deposited 1 Million in USDC, a stablecoin and 4th most traded in the market.
PEPE Price Eyes 50% Gains: Will the Breakout Rally Extend?
At press time, PEPE crypto was changing hands at $0.00001087 and boasted a market cap of $4.65 Billion. Alongside the price surge, the Relative Strength Index (RSI) line at 75 flashed the overbought signal.
Looking at the daily chart, PEPE saw a descending triangle breakout and crossed the resistance hurdle of $0.00000830 this week. Following the breakout, the memecoin noted a three-day bullish streak, gaining over 30% in the last 72 hours.
Most technical indicators showed a significant upward movement in the recent trading sessions. Increased trading volume during price surges reflects strong buying interest.
The MACD indicator also generated fifteenth successive green bars (green icon), representing the bullish stance.
The Chaikin Money Flow (CMF) indicator tracks the inflow and outflow of capital into an asset. It showed a notable uptick for the PEPE Price.
This reflects an intense buying pressure, which would be a precursor to a 50% price rally next.
Moreover, the Awesome Oscillator (AO) supports this outlook, as the reading is positive, displaying the positive market sentiment.
PEPE coin has been traded in a declining channel for the past three months and has persisted in retracing gains. However, the meme coin found support at around $0.00000660 and made a firm bottom.
Fueled by the buyers’ interest, the memecoin gained traction and witnessed massive accumulation. That resulted in a bullish reversal.
Futures Market Data Favours Bullish Sentiment
The OI-weighted funding rates stayed positive for the past five days. It means a solid demand for the long positions. At press time, the funding rate was at 0.0233%.
Moreover, the Open Interest (OI) surged over 38.20% to $194.95 Million, recording the highest-ever surge since 2024. It displayed a massive long-buildup activity in the past 24 hours.
The immediate support zones were placed around $0.00001000 and $0.00000890, whereas the upside barriers were close to $0.00001200 and $0.00001450.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
