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Title: PEPE Surges Past 463K Holders: Is a Rally Underway?
The memecoin market has seen a significant surge in recent times, with PEPE leading the charge. According to data from AMBCrypto, PEPE has surpassed 463,000 holders, marking an unprecedented growth in user adoption. This impressive milestone comes amid growing bullish sentiments in both the on-chain and derivatives markets.
Technical Analysis
On the chart front, a clear cup-and-handle formation has emerged on PEPE’s daily chart, hinting at a potential bull run. The handle is approaching completion as price hovers near the $0.00001580 resistance zone. A successful breakout above this level could trigger a rally towards $0.000030.
Furthermore, our analysis reveals a strong buyer dominance in the market, with the Directional Movement Index (DMI) indicating robust bullish momentum. The +DI is currently at 35.3, significantly outperforming the -DI of 12.7, which suggests that buyers are gaining traction and driving price higher.
Derivatives Market
The derivatives market is also painting a bullish picture. The volume has surged by over 60%, reaching $3.67 billion, while open interest climbed an impressive 8.20% to $705.27 million. This increased demand for long positions indicates that traders are increasingly optimistic about PEPE’s future prospects.
Furthermore, the OI-Weighted Funding Rate remained positive at 0.0107%, which highlights the dominant presence of bulls in the market. This persistent positivity in funding rates underscores trader confidence and a willingness to pay premiums to hold long positions.
Retail Adoption
The on-chain metrics further reinforce this bullish thesis. New addresses have risen by an impressive 39.01% over the past week, while active addresses climbed 38.43%. Zero-balance wallets also skyrocketed by 42.41%, indicating heightened wallet churn and speculation. This marked increase in user acquisition signals growing confidence and a potential for sustained organic buy pressure.
Whale Activity
To add fuel to the fire, large transactions have surged by an impressive 6.63%. This suggests strategic accumulation from whales, historically preceding major rallies. The synergy between retail growth, derivatives demand, and whale interest creates a strong foundation for PEPE to continue its upward trajectory.
Conclusion
The confluence of these factors – cup-and-handle formation, DMI, derivatives market activity, user expansion, and coordinated whale inflows – points towards a robust bull case for PEPE. While traders are advised to approach with caution, the data suggests that a rally is underway or at least in its early stages.
In light of this information, it remains crucial to closely monitor PEPE’s performance, particularly around $0.00001580 resistance. Any successful breakout above this level could trigger a more substantial price increase towards $0.000030.
Source: ambcrypto.com
