PEPE Coin Surges by 8.5%, Here Are the Key Levels to Watch

Amid the recent breakout, there is a strong possibility that PEPE could soar by 45% to reach the $0.000013 level.

Meme coin Pepe (PEPE) has seen a recent breakout of the $0.00000875 level, which has sparked interest among investors and traders. Following the breakout on September 26, 2024, PEPE has experienced a price surge of over 8.5% in 24 hours.

During this time, investor and trader interest has also surged, resulting in a 22% jump in trading volume. However, this price increase has shifted the overall sentiment for PEPE.

According to CoinPedia's technical analysis, the meme coin appears bullish. It has breached a crucial resistance level of $0.00000875, which was the last hurdle PEPE faced following the breakout of the descending trendline earlier on September 23, 2024.

With this breakout, PEPE has cleared its path for an upcoming rally. Based on the historical price momentum, there is a strong possibility that PEPE could soar by 45% to reach the $0.000013 level in the coming days.

Additionally, the meme coin trades above the 200 Exponential Moving Average (EMA) on a daily timeframe, indicating an uptrend.

This bullish thesis is further supported by the on-chain metrics. According to the on-chain analytics firm Coinglass, PEPE's Long/Short ratio currently stands at 1.066, the highest since August 2024. This ratio indicates strong bullish sentiment among traders.

Moreover, its future open interest has jumped by 15% over the past 24 hours, indicating that traders are potentially betting more on long positions.

Currently, 51.65% of top PEPE traders hold long positions, while 48.35% hold short positions. When combining all these on-chain metrics, it appears that bulls are currently dominating the assets, which may help PEPE in its upcoming rally.