Join Our Telegram channel to stay up to date on breaking news coverage
Pepe price lost momentum after a 25% spike and was up almost 1% at 11am ET.
The token was hours earlier attempting to break out from the descending parallel channel, which is a bearish pattern that leads an asset south for as long as it remains confined within its boundaries.
But PEPE has reclaimed its position at the helm of the Kucoin exchange’s gem box, with more than 75% of holders currently in the buy mode.
Look who's back at the top of kucoin's gem box 👀$PEPE with over 16% increase made almost 3/4 of it's traders on the buy mode 😁#cryptomarket #bullish #memecoins #cryptotrading $FRONT $XRP $WLD $KAS are also on the list 🚀 #gems $HALO $SPARK $GWP $INXT $CONX $DOS $VELO $PALM pic.twitter.com/1fe6R3pYzv
— Buy BTC | Alts comes second! (@MrMcKinney16) September 23, 2023
Pepe Coin Price Forecast From A Technical Standpoint
A breakout seems likely for Pepe, with the Relative Strength Index (RSI) in an overall uptrend to show rising momentum. In the same way, the Awesome Oscillator (AO) is majorly green. It is edging toward the midline and could ultimately turn positive. This solidifies the case to the upside.
A decisive candlestick closing above the channel’s upper boundary at $0.00000071 would be a good sign. However, until Pepe coin breaks and closes above the $0.00000083, the meme coin remains in the woods. This level is critical as it marks the last highest high before PEPE was rejected.
In a highly bullish case, the uptrend could go as high as Pepe coin breaching the $0.00000100 psychological level. Such a move would constitute a 40% climb, and could clear the path for more gains.
On-chain Metrics
Several on-chain metrics support the bullish outlook for Pepe coin. To begin with, the behaviour analytics platform for cryptocurrencies, Santiment, shows increased activity in exchange inflows and outflows, as well as the number of whale transaction count with more than 100,000 USD in their accounts.
Another on-chain metric that bolsters the bullish outlook for PEPE is open interest. This is the sum of long and short positions that remain unclosed for the meme coin. Coinglass, a cryptocurrency derivatives data analysis platform, displays a 110% increase in open interest for PEPE, recording a stark $13.92 million increase in 24 hours.
For perspective, the open interest has increased from the $12.57 million recorded on Sept. 22 to $26.49 million recorded on Sept. 23. Open interest is the sum total of short and long positions. When this metric rises, it usually points to new capital flowing into the market. Therefore, the 110% rise is bullish for PEPE and could translate into a continued uptrend.
It is also true to say that when the number of long and short positions on an asset increases, it means investor interest in the asset is restored, as more traders open positions than the number of those closing.
Converse Case
Meanwhile, Pepe coin remains susceptible to a pullback because the recovery rally is still pending confirmation. The position of RSI under 50 as well as the AO being negative, increases the odds for a pullback. If profit takers pull the trigger or selling pressure overpowers buying momentum, the price could fall back within the confines of the bearish channel.
In such a case, a break and close below the support floor at $0.00000060 would postpone the forecasted bullishness or, in the dire case, put it out for the meantime. Such a move would indicate a 15% slump.
Data shows that Wintermute Trading, a large market mover firm, transferred more than 8 billion PEPE tokens to central exchanges on September 22. Based on current rates, this translates to approximately $5.4 million.
过去24小时Wintermute Trading在多个CEX之间转移8.3万亿PEPE, PEPE飙升15%
火币报道，The Data Nerd监测的数据显示，过去24小时内，Wintermute Trading在多个CEX之间转移了8.3万亿枚PEPE (543万美元），PEPE 代币今日继续飙升15%。
— 火币Huobi中文资讯网 (@HuoBiChines) September 23, 2023
In addition, a giant whale with the short wallet address 0x9d5 actively moved huge volumes of PEPE from exchanges. Simultaneously, PEPE tokens worth at least $100,000 were transferred to the exchanges on the same day. This could be in preparation to sell, thereby threatening the upside potential for PEPE.
4小时前，巨鲸“0x9d5”从交易所提出 391.248B $PEPE ，价值 $277,786。
他是从 9/7 再次建仓，目前持有 2.9685T $PEPE
密切关注该巨鲸持有的 $PEPE 流入交易所动向！
截止 6:34 分， $PEPE 在 #Binance 涨幅 18.03%！#链上数据 #Binance涨幅 #PEPE行情 #加密投资 pic.twitter.com/hGhzFRdSV7
— FMData (@FMdata_AI) September 22, 2023
As a side note, increased exchange inflows are often interpreted as traders intending to sell.
In the midst of the Pepe coin recovery rally, a fresh meme coin presale is on the menu, ready to serve. MK is the latest contender for the meme coins throne, presented as “an all-new gaming platform designed for all enthusiasts.”
PEPE Alternative
MK is the native asset for the Meme Kombat ecosystem. It has many incoming earning opportunities for token holders, ranging from active betting to passive staking, with amazing rewards for all users. Despite its recent debut, the project boasts an expansive community, with more than 2K followers on social media platform X.
The $MK presale is officially live!
🚶Go to our site
🤝Join our Telegram
🫶Turn on notificationsIt's time to prepare for Kombat 🥷 pic.twitter.com/SrrnD6kwjm
— Meme Kombat (@Meme_Kombat) September 21, 2023
The Meme Kombat presale has garnered almost $50,000 in presale sales, out of the 1,000,000 USDT target. This sprint has experts anticipating 10X growth potential.
A single MK token goes for $1.667 in the current presale stage and is available for purchase using Ethereum (ETH) or Tether (USDT).
Meme Kombat Promises a Whopping 112% in Staking Returns
Notably, token holders that stake their MK are eligible for Annual Percentage Yields (APY) as high as 112%.
The tokens engage in battles, with the first season showcasing up to eleven memes, all fighting to be #1. Will you find a favorite? Or play the odds?
Also Read:
- Meme Kombat Begins New Crypto Presale: Can The Innovative Stake-to-Earn Meme Coin Achieve a 10x Return?
- Pepe Coin Price Prediction: Could PEPE Soar by 50% in the Coming Weeks?
- Pepe Price Prediction: Is a 20% Gain in PEPE’s Horizon?
Newest Meme Coin ICO - Wall Street Pepe
- Audited By Coinsult
- Early Access Presale Round
- Private Trading Alpha For $WEPE Army
- Staking Pool - High Dynamic APY
Join Our Telegram channel to stay up to date on breaking news coverage
