Pepe’s current momentum from the market shows rising confidence from the traders, as the funding rate has been the highest it’s been since June and a stable support level at $0.00000840. Analysts predict a 200% rally for PEPE price.
PEPE price and Momentum Indicators Pave Way a Rally
Per the daily chart, Pepe is strong as it rebounds from 0.0000084 support. In the past, this price level has served as a very strong support zone, and Pepe proved to be stable here against movement of the market. After this bounce, Pepe is looking towards minor resistance at 0.000012, with a possible upside 48% target of 0.000018
PEPE price | Source: Tradingview
The Money Flow Index (MFI) at 54.98 shows a balanced flow of capital, neither overbought nor oversold, and still has room to go up. The Accumulation/Distribution indicator also shows that there is a steady accumulation trend, which can be a source of funds for the price to move up.
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PEPE Price Set to Surge? Bullish Pattern Hints at Potential 200% Rally
Crypto analyst World Of Charts has spotted a possible bullish opportunity based on the recent price consolidation crypto showed within a very close range. This has been seen before, which is commonly referred to as a bullish pennant, and Pepe may be starting to gain momentum for a breakout.
These consolidation phases usually signal indecision or buildup of buying power, and a break above the current range may signal an area for a stronger uptrend.
https://twitter.com/WorldOfCharts1/status/1854503121797702067
After getting a breakout, PEPE price aims for 200% gains. If the breakout occurs, it could initiate a very sharp rally, providing traders with a place to enter on high returns. A break of the pennant pattern would be consistent with a wider trend of recovery and add to bullish sentiment in the market.
PEPE Funding Rate Hits 0.05%, Highest Since June, Signaling Bullish Shift
The Pepe OI-Weighted funding rate indicator shows that traders are feeling quite undecided. The green areas indicate a positive funding rate and a bullish sentiment; the red areas indicate a negative funding rate, a bearish sentiment, and a short-paying long (positive rates).
Funding rates have alternated frequently over the last couple of months. But the funding rate climbed to 0.05% on November 7, the highest since June, indicating a sharp rise in long interest.
As more people put money into it, the funding rate spiked up around the time of a price rise from $0.00000080 to $0.0000107, signifying a lot of bullish sentiment as more people throw money into this, thinking that it will get even more.
Once again, the highest funding rate since June suggests confidence for Pepe to make a short-term rally, which could imply that market sentiment has shifted towards a more hopeful direction.
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