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PEPE Poised For A Breakout: Can The Memecoin Rally To New Highs?
The cryptocurrency market has been quite unpredictable in recent times, with many assets experiencing significant price swings. However, there are some coins that are showing signs of a potential breakout, and Pepe is one such asset. In this article, we’ll take a closer look at the memecoin’s technical charts and on-chain metrics to determine if it can continue its upward momentum.
Over the past few days, Pepe has been moving in an ascending triangle pattern, which often precedes a significant price increase. The token has managed to break out from this formation, indicating that there could be more room for growth ahead.
As we can see from the chart, PEPE’s breakout potential is further solidified by its daily active addresses and NVT ratio. Daily active addresses have been steady, suggesting that users are actively engaging with the token, which could drive price appreciation. Moreover, the NVT ratio has seen a significant increase in recent days, highlighting growing confidence among investors.
In addition to these on-chain metrics, PEPE’s technical indicators also suggest a potential rally ahead. The RSI stands at 54.51, indicating moderate bullish momentum and leaving room for further upward movement without overbought conditions. Furthermore, the DMI data points to an ongoing trend reversal, with buyers gaining control of the market.
Lastly, liquidation data is showing an impressive amount of short positions being wiped out compared to longs, which has resulted in a substantial increase in confidence among traders. This growing bullish sentiment could fuel further price growth and propel PEPE towards new highs.
In conclusion, PEPE seems to be primed for an upward move if market conditions remain supportive in the near term. While there are risks involved with any investment decision, this memecoin appears to have enough momentum on its side to justify a potential long position.
Source: ambcrypto.com
