PEPE Price Set for Breakout Rally: Can It Outperform Next Month?

• PEPE price was witnessing consolidation and anticipates a breakout.
• The short-term bullish trend was intact, and signs of accumulation were noted.

Pepe’s (PEPE) price has been consolidating in a narrow range and has witnessed recovery in the last two weeks. The PEPE price has stayed above the 20-day mark. It was edging closer to a resistance barrier of $0.000001100.

It has surged over 20% in the past two weeks. However, the memecoin price action remains uncertain as it was stuck between the critical levels of $0.0000009900-$0.000001050. At the same time, the recent accumulation indicated an upcoming trend reversal.

Meanwhile, crypto analysts have predicted that the PEPE price may see a clear directional move next month.

PEPE Price’s Next Move Still Uncertain: Market Awaits Clear Direction

PEPE coin price has stuck around the critical barrier of $0.000001100. It displayed a lack of buying momentum over the past few days.

Despite the PEPE price consolidation, the bear army still had not entered the battle. Additionally, buyers have maintained their strength. The positive RSI readings evidenced this.

It stayed above the midline region, around 53 at press time. This indicated a slightly bullish cue. However, the Moving Average Convergence Divergence (MACD) indicator has plotted red histogram readings. That conveyed a negative outlook.

The Average Directional Index (ADX) stands at 14, indicating a weak trend. ADX is a momentum indicator used to assess the trend’s strength, regardless of its direction.

PEPE crypto traded at $0.000009908, noting an intraday drop of over 0.20%. It guided consolidation on the chart. With a market cap of $4.17 Billion, the memecoin ranked 24th among the top 100 crypto coins.

Market Eyes Potential Breakout In November

In a recent tweet on X, Ivan Labrie said PEPE crypto has completed its base formation. It has set the stage for a breakout in November. In case of a successful breakout, a continuous rally would last 7 months ahead.

$PEPE shows a nice base here, a breakout during November would set the stage for a gigantic rally for 7 months.

Weekly trend turned bullish again recently, monthly needs a push next month to break free from resistance here. pic.twitter.com/SJspiyJgSm

— Ivan Labrie (@ivan_labrie) October 23, 2024

The short-term trend was bullish. However, a confirmation was still due. A cross of PEPE price above $0.000001200 on a monthly chart would validate the range breakout.

Majority Are in Green

Data from IntotheBlock highlighted that more than 60% of the in-the-money holders were gaining profits. At the same time, around 38% of PEPE holders were losing their money.

The data indicated that PEPE crypto has a strong support of around $0.000009000. More than 54.36k addresses have held their positions.

The net network growth data also revealed a surge of over 0.79% over the last 24 hours. That indicates the rise in network utility and may pave the way for more positive sentiment.

Data from Coinglass revealed that the OI-weighted funding rate remained positive at around 0.0078%. Typically, a positive funding rate implies a heightened demand for long positions.

Meanwhile, the Open Interest (OI) has dropped over 12.06% to $152.53 Million. This implied a long, unwinding move over the last 24 hours. Until the PEPE price does not cross the upside barrier of $0.000001200, it may continue to hover in a narrow range.

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.